If for some reason such as your lender not being ready to close by the 45 days expiration date of your sales contract your broker will have to file an extension form with Gardi, Haught, Fischer & Bhosale LTD You will have to pay a fee for a 15 days extension of your sales contract as follows:
Extension requests are good for 15 days.
Contract Sales Price equal to or less than $25,000
Extension fee is $10 per day = $150.00.
Contract Sales Price of $25,001 to $50,000
Extension fee is $15 per day = $225.00.
Contract Sales Price over $50,000
Extension fee is $25 per day = $375.00.
If on the other hand the seller (HUD) is not ready to close you may be granted a fee waived extension with the approval of the Asset Manager contractor assigned to your property.
You can download an extension request form below.: