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If the contract cannot close by the contract

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Instructions to Extend a HUD Contract:
If the contract cannot close by the contract expiration date, purchasers may request an extension of the closing
date. All extensions are for 15 calendar days. The extension request should be submitted to
extend@chronossolutions.com 5 days prior to the contract expiration date. Originals are not required.
1. Completely fill out the top section of the extension request form including the selling agent information
and the reason for the delay. The lower section is for asset manager use only.
2. All purchasers must sign the extension form. No electronic signatures are permitted on extension forms.
3. If contract is a cash sale, current proof of funds must be submitted with the extension.
4. If the sale is being financed, a current loan status letter must be submitted with the extension. The letter
must state the current status of the loan, any major outstanding conditions and the anticipated closing
date. It must be signed by the lender, have a current date and include the lender’s full contact
information including email address. Boilerplate pre-approval or pre-qualification letters will be
rejected.
5. If an extension fee is required, the fee must be payable to HUD and it must be a certified check or a
money order. We do not accept personal checks, business checks, credit cards or wires.
The extension fee is based on the contract sale price.
$150 ($10 per day) if sales price is $25,000 or less
$225 ($15 per day) if sales price is more than $25,000, but less than $50,000
$375 ($25 per day) if sales price is equal to or more than $50,000
The extension fee must be sent to:
Payable: HUD
c/o Chronos Solutions
3009 Glacier Pass Lane
Cedar Park, TX 78613
6. If there are any questions regarding the extension process, email your question to
extend@chronossolutions.com.
Please note that regardless of the reason for the extension request, the buyer’s agent must submit the
extension request form to extend@chronossolutions.com prior to contract expiration in order to remain under
contract. This means that even if the reason for the delay is a seller side issue such as a title delay or HOA issue,
the buyer’s agent is responsible for submitting the extension request form along with all required
documentation. Per HUD, expired contracts are subject to cancellation with earnest money forfeited to HUD.
Refer to the contract for the full extension fee policy.
Please forward extension fee payable to HUD: c/o Chronos Solutions | 3009 Glacier Pass Ln. | Cedar Park, TX 78613
Extension Request Form
Buyer Select Closing Agent Program
All extension requests must be submitted to Chronos Solutions prior to the expiration of the contract - preferably at least 5 days
prior to the expiration of the contract, along with the following items to extend@chronossolutions.com.
1. Non-refundable Cashier’s Check or Money Order made payable to HUD for the extension fee.
a. This fee is based on the Contract Sales Price:
- $25,000 or less/ Extension Fee is $150 ($10 per day)
- $25,001 to $49,999/ Extension Fee is $225 ($15 per day)
- $50,000 or more/ Extension Fee is $375 ($25 per day)
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. The letter must have a current date and include the loan officer’s signature and
contact information.
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 institutions(s).
IMPORTANT: If Chronos Solutions has not received a timely Extension Request Form along with the non-refundable
extension fee and appropriate financial documentation, the contract shall be deemed canceled and the buyer select
closing agent will remit the earnest money to Chronos Solutions who will then forward it to HUD.
Purchaser/Selling Broker ONLY
PARTIAL PAYMENTS OR PERSONAL CHECKS WILL NOT BE ACCEPTED
Date:____________________
Selling Agent/Broker:__________________________________
Case #:___________________
E-mail: ____________________________
Property Address:_________________________________________
Phone: ____________________________
Reason for Extension ___________________________________________________________________________
____________________________________________________________________________________________
_____________________________________ _______
_____________________________________ _______
Purchaser Signature Date
Purchaser Signature Date
This extension cannot not be accepted with digital signatures
Asset Manager Use ONLY
AM Received Date :___________________
______Cash Sale with ______current proof of funds ______closing scheduled with BSCC
______Financed sale with ______current loan status letter ______ closing scheduled with BSCC
Extension fee amount: ______$150.00 ($10 per day) ______$225.00 ($15 per day) ______$375.00 ($25 per day)
______ The request for a 15 day extension has been approved and the fee is to be _____Waived _____Charged
As a result of the approved extension the contract has been extended from ____________ to ____________
______ The request for a 15 day extension was denied for the following, but may not be limited to the following:
______Extension Fee not provided ______Lender letter not provided ______Other:___________________
________________________________________________________________________________________________
________________________________________________________________________________________________
Executed by: ________________________________________________
Date: ____________________________
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If the contract cannot close by the contract

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Completed 20 October 2020

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