Your buyer is anxious to move up the closing. The lender says that they are ready, the buyer is ready, BUT: This is a short sale or a foreclosure!
What does that mean?
It means that the lender has to approve the HUD 48 hours prior to closing. It means having the HUD perfect. It means waiting for the title to arrive, via courier, to the attorney.
When The Wells Team works with a buyer or seller in this situation we become a second set of attorneys. We check on the status of financing, liens, paperwork from the selling institution, paperwork from the buyer's lender, review of bank addendums, inspections, appraisals, surveys and much more.
Bottom line: There are a lot of moving parts that go into a closing. Foreclosures and/or Short Sales make them that more complicated.
The Wells Team prides themselves on keeping up with their clients closing to the point that we also need law degrees!
When you buy or sell a property, especially a short sale or foreclosure, keep in constant contact with your real estate agent. Also realize that there a lot of moving parts to a closing. Trying to change the date can be done but only if everything comes together perfectly.
The key to a successful closing is keeping to a closing date, keeping in constant contact with your realtor, the closing attorney,and your lender.
A lot of work but well worth it at the end!
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