Greetings,
Will a lender postpone an auction if the ss packet is submitted with all the required documents? Say I submit the packet 10 days before the sale, what then?
A friend makes an offer without a SS package. He just asks if they will postpone and verbally offers an amount. The lender agrees.
They should be completing on the purchase of the property and the short this week (was suppose to be last week but the financing was delayed). Yes, the buyer was obtaining new financing so time was allowed for that even.
10 days from the sale? Thta's cutting it very close. Too close.
Yes, the lender/loan servicier may have the authority to seek an adjournment... but generally will want a completed short sale proposal, including an executory contract, and a mortgage loan prequalification letter from the Purchaser.
Sometime, their loan servicing criteria prohibits extensions...
So, it depends upon the specific lender, loan type, and strength of your Proposal.
[addsig]
It depends. Not likely but...
A friend makes an offer without a SS package. He just asks if they will postpone and verbally offers an amount. The lender agrees.
They should be completing on the purchase of the property and the short this week (was suppose to be last week but the financing was delayed). Yes, the buyer was obtaining new financing so time was allowed for that even.
John
[addsig]
The owner can almost always get a brief delay in the sale (say 30 days) by petition to the court if there is a short-sale negotiation in process.
10 days from the sale? Thta's cutting it very close. Too close.
Yes, the lender/loan servicier may have the authority to seek an adjournment... but generally will want a completed short sale proposal, including an executory contract, and a mortgage loan prequalification letter from the Purchaser.
Sometime, their loan servicing criteria prohibits extensions...
So, it depends upon the specific lender, loan type, and strength of your Proposal.
[addsig]
What if the buyer has all cash? Would this make a difference?
It might.... but a mortgage pre qual amounts to much the same thing... a prequalified, ready, willing, and able Buyer.
The mortgagee would have to think that it would be in their best financial interest to postpone the sale....