Need an Extension for Your HUD Contract?
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 Alpine FP a proper extension request package that includes:
- The Completed and Signed “Extension Request form – Buyer Select Closing Agent” (click for form)
- 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
These items are all due to the Alpine FP regional office at least 5 days prior to the expiration date of the contract.
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:
Contract Area 3A – Illinois
Email to: 3AClosing@AlpineCompaniesInc.com
Subject: Extension Request
or regular mail (remember that the complete extension request needs to be submitted 5 days before expiration):
Attn: Closing Department
1321 Murfreesboro Pike, Suite 202
Nashville, TN 37217