Fillable EXTENSION REQUEST FORM November 2019

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EXTENSION REQUEST FORM November 2019

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Extension Request Form
Page 1 of 3
Updated 11.13.19
It is the expectation for all closings to occur within the allotted time frame shown on the executed
sales contract. When unexpected delays occur, extensions of time may be approved; however, they
will be at the sole discretion of Sage and/or HUD.
All extension requests are submitted to Sage Acquisitions for review and approval.
Not following the guidelines listed below may result in the cancellation of the sales contract and
forfeiture of the buyer’s earnest money.
Requests for extension fee to be waived: This request may be submitted electronically utilizing the
email address shown below for your respective region. Specific examples of reasons for a free
extension would include: Owner occupant experiencing delays with financing may be entitled to one
free extension (in the case of 203k loans, Sage may grant two extensions in 15 day increments, when
warranted). Delays attributed to a seller delay (asset manager clearing title issue, HOA resolution,
Utility) or other concerns related to a delay of a HUD contractor.
The extension form, current lender letter or proof of funds and any other acceptable supporting
documentation confirming the reason for delay must be submitted five days prior to expiration for
consideration of a waived extension.
All other requests must be mailed to the appropriate Sage Acquisitions office
along with the supporting documentation and required fee (outlined below).
ALL EXTENSION FEES MUST BE MADE PAYABLE TO HUD!
Atlanta HOC
Philadelphia HOC
Sage Acquisitions
3575 Piedmont Road NE
STE L-120
Atlanta, GA 30305
Atlanta.Extension@SageAcq.com
Sage Acquisitions
3575 Piedmont Road NE
STE L-120
Atlanta, GA 30305
Philadelphia.Extension@SageAcq.com
Extension Request Form
Page 2 of 3
Updated 11.13.19
SUPPORTING DOCUMENTATION
The documentation being submitted with the request for extension must include the reason for delay,
verification of underwriter approval, and current status of the loan. All lender letters must contain the
signature of the loan officer or underwriter. Outdated lender letters will be rejected and extension
denied.
On cash transactions, proof of available funds must be submitted and dated within the past 15 days.
When there is a title, escrow or closing agent delay, supporting documentation and a summary of
action taken to date from the closing entity must be included with the request for extension.
FEES THAT MUST BE SUBMITTED
Fees must be submitted in certified funds only! The cost of the extension, when charged, is based on
the contract sales price. Fees must be submitted in increments of 15 days:
ALL EXTENSION FEES MUST BE MADE PAYABLE TO HUD!
In cases of seller delays (HOA, Title, LBP), the extension request must be submitted timely and
include the status of the loan or current proof of funds with the documentation outlined above.
The granting of one extension shall not obligate the Seller to grant additional extensions and the
Seller shall declare a Default for the Purchaser's failure to close the sale upon the expiration of the
original closing period or upon expiration of the extension.
Extension fees are non-refundable when a contract is cancelled, regardless of reason.
Contract Sales Price Extension Fee to submit
$25,000 or less $150 ($10 per day)
$25,001 to $50,000 $225 ($15 per day)
$50,001 or more $375 ($25 per day)
Extension Request Form
Page 3 of 3
Updated 11.13.19
Case Number: _________________________ Address: _______________________________
Sales Contract Extension #: _______
Purchaser: _______________________________
Purchaser Type: ___ Owner Occupant ___ Investor ___ Non-Profit ___ GNND
Financing Type: ___ Cash ___ Conventional ___ FHA 203b/203b repair escrow ___ FHA 203k
Funds submitted with request in the form of: ___ Money Order ___ Cashier’s Check
Check/Money Order #: ______________________________ Amount: $ _______________
___ No funds submitted (requesting waiver)
By submitting this form to waive the extension, I certify the delay meets the requirements outlined on page 1.
Anticipated Closing Date: __________
Reason for closing not occurring timely (MUST be completed by selling agent):
Purchaser Signature: ________________________ Purchaser Signature: _____________________
Selling Agent Signature: ___________________ Email address: ________________________
To be completed by Sage Acquisitions:
The 15 day extension has been approved with a new expiration date of _____________.
Extension fees ___ waived ___ charged
The 15 day extension has been denied due to one of the following reasons:
___ Lender letter not submitted/not sufficient ___ Fee Not Submitted ___ Incorrect Extension Fee
___ No imminent closing date ___ File to be reconveyed ___ Contract expired and cancelled
___ Original funds not received in office
Comments: ______________________________________________________________
Executed By: ________________________________ Date: __________________________
For Accounting Purposes:
Extension fees received in office? ___ Yes ___ No
Action Taken: ___ Submitted to HUD Lockbox for Processing ___ Fee waived / Returned to Agent
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EXTENSION REQUEST FORM November 2019

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Completed 21 July 2020

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