Who decides short sale closing date? (McKinney: short sales, mortgage, loans)

[myhomentx]

My husband and I put an offer on a short sale that was accepted by the seller. During the time we were waiting to hear back from the seller's lender on their approval of the short sale, a few amendments were sent to extend the date in the short sale addendum and the closing date. An amendment was signed by us and the seller on December 20th to extend the date to get short sale approval from the seller's lender to January 15th and the closing date to February 15th which were both signed by us and the seller.

We did not receive the approval from the seller's lender and shortly before the January 15th date on the Short Sale Addendum we submitted yet another amendment changing the date to get approval from the seller's lender to February 15th and changing the closing date to March 15th. We never received that signed and back from the seller but did get the seller's lender's approval letter within that week and it stated closing on or before February 25th.

The seller's agent is insisting that the closing take place on February 15th or their client has a right to terminate the contract. Which is the correct date to go by? The date in the amendment that was signed nearly a month before we got approval from the seller's lender on the short sale or the date set in the lender's approval letter?

The seller's agent is stating we only have 3 weeks to close this deal which is unrealistic for us given all the work we have had to do to get approval on an FHA 203k loan.

[nsumner]

The contract is between you and the seller and what you have both signed is what counts. Yes a 203K would take a lot longer to close so may be this agent isn't familiar with these types of loans. This is unless he/she has another buyer that can close sooner and wants your contract to fall apart.

If the current signed addendum gives you until Feb 15 to close. How long is your lender telling you they need?

Naima

[GayleTX]

Short sales are very complicated, very few regular agents know what their doing and are full of misinformation and confusion (and the rules seem to change regularly). Also the sellers are usually confused and having 'issues' with their mortgage holder as well as the rest of their life - and the mortgage holder has to approve the deal (and they are ones who keep changing the rules). There are several opportunities along the way for someone to drop the ball. There are a few certified short sale specialists in the area - I know there are one or two in McKinney. If things fall apart and you have to start over, I'd be glad to give you their names.