SELLING AGENTS – DO NOT RELY on others to remind you of possible contract expirations. It is YOUR duty to prevent a contract from expiring. Therefore it is extremely important that you adhere to the timeframe and contract expiration date provided by HUD. If your contract is getting close to its expiration date you will have to request a Formal Extension from HUD to avoid the termination of the transaction.

HUD DOES NOT ACCEPT LATE EXTENSION REQUESTS

If the purchaser wishes to continue with the sale and does not have a lender-approved close date within the allotted timeframe, the Selling Agent has to submit to KMM a proper extension request package that includes:

1. The Completed and Signed “Extension Request form – Buyer Select Closing Agent” (click for form)
2. Appropriate Non-Refundable Extension Fee (Certified Funds) –  HUD charges a fee for each additional day past the contract expiration date that buyer takes to close. Current documentation on purchaser’s financial ability/status –
   • For financed purchases – a current letter from lender stating status of the loan and all pending conditions
   • For cash purchases – current Proof of Funds

All sales contracts that are not able to close on or before the contract closing date must submit a CLOSING EXTENSION REQUEST five days prior to contract expiration. Closing extension fees may be paid via overnight certified or money order checks below.

FAILURE TO DO SO WILL RESULT IN CONTRACT CANCELLATION

Electronic signatures are acceptable on extension request forms as long as they comply with the HUD guidelines. Electronic signatures need to be authenticated by a number or statement that shows the document was digitally signed along with the date it was signed. A timestamp or other indication needs to show clearly when the document is viewed electronically and in print copies.

Once all materials are completed they can be submitted by email to: [email protected]

Or by OVERNIGHT MAIL (remember that the complete extension request needs to be submitted 5 days before expiration):

PLEASE MAIL WITH TRACKING OR SALES CONTRACT MAY BE CANCELED FOR DEFAULT.