I am buying a short sale home in NC. The seller's agend finally got to talk to
CW and was told that the file was transferred to a second negotiator on August 18th, that it was in phase 2 which meant that the 2nd negotiator "had up to 15 business days to review in detail all the paperwork". This would mean on or around week of September 8 which is coming up.
This short sale is straightforward in that it involves only a first mortgage; the seller does not have a 2nd mortgage and there is no PMI involved.
As the buyer, my rate lock period is expiring for the second time on Sept 3rd and I'm trying to decide whether to extend it. I can extend it for another 10 calendar days but it costs me $350 to do so to keep my 4.875% rate for 10 more days.
From your collective experiences, what is your opinion on the probability that
CW negotiator will finish reviewing the file and communicate approval after his 15 business days (time out on Sept 8). When that happens, is there another delay to get an approval letter to close?
Should I forget about trying to extend my rate lock through Sept 13 thinking that approval will come in week of Sept 8 and i can close by the 13th? Am I naive in this and in LaLa land? Or should I extend as there is a chance to get approval to close? Would appreciate your collective wisdom and guidance given your experience with
CW short sales. Thanks.