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  • #63140
    Liubov1989
    Member

    @peapod0609 Mu closing date according to the contract is 12/18/2019, do you think I should request the extension from the seller now? I don’t think ill be closing in time.


    @tricey718
    Any updates on your case?

    #63141
    tricey718
    Member

    No updates. I asked my agent to request an extension, but he seemed optimistic i would here something yesterday.

    I couldn’t even get through to mortgage Processing, it kept bouncing back to member services. I’m going to call again today.

    #63142
    Liubov1989
    Member

    I asked my realtor to request the extension and he told me the same as yours, he is very optimistic too. I call the Mortgage department every day, with no updates. At least I know they are working on it and it makes me feel much much better. We are going to be fine. I know it.

    #63143
    Peapod0609
    Member

    If you are 6 days away and do not have a CTC yet, I would ask for an extension, yes.

    #63148
    Liubov1989
    Member

    @peapod0609 The realtor told me we cannot request an extension now since we don’t know the date, but what if I won’t get the CTC with the approximate closing date by 12/18/2019. What should I do?

    #63149
    Nelsont
    Member

    This is understandably one of the more frustrating parts of the process and once I had to go through myself. What you will have to do is set a date an arbitrary date yourself. The seller needs to understand you have greater than a 95% chance of closing in the near future. I would set the closing date out a week or 2. You can always revise the date or extend it again if necessary. A week before I closed I had to extend the date by 2 days. I did’t even get my CD until my original contract to close date so then I had to extend again with hard numbers once they were provided.

    While, yes your agent is correct, not wanting to draft up the paperwork is laziness and not wanting to pick a date is indicative of un-motivation. Your agent works for you. They advise but, you set the terms.

    #63150
    Liubov1989
    Member

    He is usually pretty good at what he’s doing. I’ll wait till Monday, to see maybe I’ll get something on the weekend. If not, I will insist to extend it. I don’t see any other options anyway.


    @Nelsont
    thank you very much

    #63153
    Peapod0609
    Member

    I mean, when I requested an extension I didn’t have a date either. My attorney actually did it automatically once we hit the one week mark before our contract was up, and by the next day both parties had agreed to it. Ended up actually getting our initial CD either that day or the next day I believe, and we closed only like 3 days after our original contract expired.

    I am not sure why they would need a firm date for requesting an extension. If they want to wait until it is closer, that is fine I guess, but I agree with @Nelsont and it seems like it is just maybe just laziness or something.

    Waiting a few days is fine, you might get a CTC in the next few days. If you don’t get it by EOD Monday or Tuesday or so, I would just ask again. Tell them to extend the contract a week or two and see what happens.

    #63154
    tricey718
    Member

    @liubov1989 My agent just got an extension until 12/20.

    I know its hard to estimate how long you need without a word from the Bank. I’m still hoping to hear something today or tomorrow.

    #63157
    Liubov1989
    Member

    Thank you guys, I just sent an email to my realtor telling him to be ready to request the extension on Monday morning. The Mortgage department representative advised me to request another week and we should be good and I might get CTC today or tomorrow. I really hope we will get it before Monday.

    #63169
    cstar89
    Participant

    @nelsont I don’t see it as laziness or a lack of motivation, many of us have agents that take pride in what they do and value the relationships they create with other agents. It looks bad when you pick a date out of the sky and then have to ask for another one…especially when sellers are potentially carrying two mortgages.

    Just another way to look at it

    #63170
    Nelsont
    Member

    @cstar89 you’re right. That is definitely a way to look at it. I’m just looking at it from the standpoint of my experiences with my most recent and best agent, who, before any decision was made, made sure the seller/seller’s agent was completely understanding of the situation and the process and then had everything ready with all my options laid out within the day.

    #63175
    Peapod0609
    Member

    @cstar89 I can kind of see that I guess, but if you’re that close to the contract deadline and you don’t have a CTC, then I don’t think you have much choice. You aren’t really often given firm dates with this process, so while I understand the concept of not wanting to keep asking for extensions, at the same time I am not sure what else to do with NACA since Bank of America is not good at following timelines.

    #63186
    cstar89
    Participant

    @peapod0609 I definitely agree, there aren’t any other options however I’m saying I understand why agents wouldn’t want to do it…especially with these arbitrary dates. One home I put an offer on earlier this year didn’t accept bc I had a 45 day close…we tried to work with the seller but they needed the funds for the sale of their new home and that was also a resell…the sale of one home can have a ripple effect to impact countless families. I’d hate to be the reason 3 other families can’t close and I think agents think about that as well. Not to mention if they have a bad experience the next time that selling agent sees their name he could encourage that seller to look at another offer, there’s so much to it.

    I requested my extension and I’m just praying that it’s enough.

    #63225
    Peapod0609
    Member

    How y’all doing, any updates?

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