When you work with a West Chester short sale, you are probably very aware that you are working against time. You never know how close the West Chester short sale is to going into foreclosure, and it can be very frustrating to get to the end of the process to find out that the home is already going into foreclosure.
In some instances, a bank will extend a West Chester short sale. This usually happens because the bank is willing to put off auction and the loan is not a Fannie Mae loan in default. If the auction date is close, it may be more profitable to the bank to foreclose on the home rather than extend the West Chester short sale agreement.
The biggest reason that a bank will choose to extend a West Chester short sale is because is financially profitable for them to do so. If going through the West Chester short sale would make a bank more money than the foreclosure, they may be more apt to continue with the short sale.
If you want to secure an extension on your West Chester short sale, you should start by bringing in a closing date that is guaranteed. That way the bank will see proof that the short sale will occur at a specified date.
You can also include an addendum, signed by both the sellers and buyers, which indicate that all parties are ready and willing to close on the specified date. Your real estate agent will turn in the addendum to the bank and put together the necessary paperwork.
Finally, the buyer can include their loan pre-approval letter to show the lender that they are a serious buyer with the ability to meet the closing date.
If you can prove that continuing the West Chester short sale process is beneficial to the lender, there is a good chance that you will be granted the extension.