Extensions
All extension requests must be submitted to The Asset Manager at least 5 days prior to the expiration of the contract along with the following items:
1. Appropriate non-refundable extension fee: USE BELOW FORM
Extension Fee $375.00 ($25.00 per day) (certified funds)
2. Current documentation on the purchaser’s financial ability/status.
a. If a loan is involved, an explanation from the loan officer must be attached indicating
the current status of the loan and all remaining conditions.
b. If it is a cash sale, current proof of available funds must be provided by either a
letter or an account statement from the purchaser’s financial institution(s).
3. Make Cashier check or money order made out to: HUD
If the closing agent has not received a timely extension request form along with the appropriate non-refundable fee and appropriate financial letter, the contract shall be deemed cancelled, and the earnest money will be remitted to HUD.
Any buyer requested extension due to a buyer delay must include the following:
Signed extension form
letter detailing the delay (can’t be an email)
Copy of the fee that will be mailed to the address on the extension form. The case ID MUST be written somewhere on the fee.
Tracking number for the fee that was mailed to the address on the extension form.
***IF USING FHA 203K FINANCING*** 2 Free Extensions are allowed but below form must be used 5 Days before contract expiration***FHA 203B 1 Free**
Contract extension or release are due within 5 days of settlement. If closing has not been scheduled prior to the expiration date, please submit a Closing Extension Request as soon as possible. If the purchaser is not proceeding with the closing please submit a Contract Release Form.
If you are attempting to have your fee waived, please submit the request in writing along with any other pertinent documentation supporting the reason and once the extension is reviewed by The Asset Manager they will make the final decision. If the fee is waived for whatever reason, the extension fees would then be refunded back to the buyer at closing. If the reason for extension is title issues, and your Title Company confirms this, then a check should not be necessary.
One fifteen (15) day extension will be reviewed. Please remember that all fees must be sent via priority or overnight shipping and must include a tracking number. I ask that you review the items below thoroughly. Any packages missing items or not in the correct order will be returned for corrections. Please return all items in ONE PDF ATATCHMENT for review.
Any buyer requested extension due to a buyer delay must include the following:
Signed extension form
Lender letter detailing the delay (can’t be an email)
Copy of the fee that will be mailed to the address on the extension form. The case ID MUST be written somewhere on the fee.
Tracking number for the fee that was mailed to the address on the extension form.
Any buyer requested extension due to a seller delay must include the following and will not need to include a fee:
Signed extension form
Title letter detailing the delay (can’t be an email)
Please be aware that a delay in obtaining payoffs, certifications or HOA’s is not a seller delay. Buyer is expected to obtain all items prior to the contracted close of escrow date.
You may find all REI forms here: