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Updated over 7 years ago on . Most recent reply

User Stats

66
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36
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Elaine Fawcett
  • Investor
  • Worcester, MA
36
Votes |
66
Posts

Closing deadline - extending an auction close - xome

Elaine Fawcett
  • Investor
  • Worcester, MA
Posted

Posted this in another forum but no attention, thought I'd try here. 

I'm "backup bidder" on a xome auction. (Read: The bank bid against me and now wants me to checkout) 

I'm doing a 203k loan on an REO through this auction. Xome tells me they will not extend closing timeline to 60 days. Bank tells me they need 45-60 days. Xome says no, they will take only 30 or move on. If I do the checkout process (where I put in my info and re-submit my bid) they will take it for review to see if seller accepts my offer.

If they accept and I can't close in 30 days, I lose my earnest money $2,500. 

Anyone had success getting xome specifically (or other online  auction house ) to extend deadline? Any other suggestions? Anyone creative that has a solution out there? 

Most Popular Reply

User Stats

227
Posts
287
Votes
Gwen Fyfe
  • Rental Property Investor
  • Cleveland, OH
287
Votes |
227
Posts
Gwen Fyfe
  • Rental Property Investor
  • Cleveland, OH
Replied
Originally posted by @Greg H.:

@Elaine Fawcett

Getting a 203K loan closed within 30 days on an REO is less probable than Cleveland winning the Super Bowl this year

 And you just pissed off everyone with a Cleveland keyword alert. :P

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