Love in the House~~

phoggieNovember 14, 2011

I have not read any posts from you lately about your saga...anything new about your old house or your new house?

I keep hoping for you...have faith that if it is meant to be, it will happen...but not always on our terms....or at least, that is what I try to tell myself about getting "back home".

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beachlily z9a

I check back every weekday expecting to see that a new closing date was set. Oh, I hope that will happen!

    Bookmark   November 14, 2011 at 3:01PM
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LoveInTheHouse

You guys are sweet. Well, there's nothing much to report! My buyer told me last week that the bank now has everything it needs from him and it shouldn't take long before they instruct the lawyer they are ready to close. So far, not a peep out of them. In the meantime, the seller of the house I am in contract on up north is having a coniption. Can't blame him. We were supposed to close a month ago. My agent asked him to please give us a little more time because it should happen any day, but the truth is, who knows if the buyer will ever get the mortgage? Every couple of days the seller up there contacts my poor agent screaming. He has a cash buyer floating around but I'm sure it's less money than what I'm giving him otherwise he would have taken it as soon as I was in violation of contract. But one of these days I imagine he'll take it before he loses the other offer if this goes on much longer. I actually have the same thing going on here. I have a cash offer for a lot less money. If I take it, I can't get the house I'm in contract on. But I don't want to lose this person if my current buyer doesn't come through. I just wish this bank would let us know one way or another! That's all I want to know! The stress is unbearable. It's just not right that they do this.

    Bookmark   November 14, 2011 at 11:14PM
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phoggie

Hugs going out to you, LINH....I hope to read very soon that you have closed on both houses...what stress this has been and still is for you. Hang in there. (((O)))

    Bookmark   November 15, 2011 at 1:55PM
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ncrealestateguy

LITH,
SOmething, IMO, is fishy. If the underwriter has everything in posession, and all is ok with what was given to them, they should want to close ASAP. I have waited on buyers and sellers to get items in to underwriters, and when it happens, we usually close the next day or so. IMO, you really need to tell the buyer that you need to know from the lender why they can not get the loan package to the attorney tomorrow.

    Bookmark   November 15, 2011 at 3:05PM
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LoveInTheHouse

There's been a little movement today. Please tell me your opinion about this NC. The buyer called me today and said that the bank e-mailed him and told him they'd be ready to close Monday or Tuesday. He asked me to call the lawyer and see if she would schedule it. I left her two messages but she didn't return my call. That means she was unable to reach the bank and was waiting to hear from them before calling me back. We'll talk tomorrow morning. But what do you make of this? If they're ready, why next Monday or Tuesday? Today is only Tuesday. That's another week. I'd be thinking something was fishy too but the buyer voluntarilly called me today to tell me what they said. I wasn't expecting to hear from him. He didn't have to call. What could be going on?

    Bookmark   November 15, 2011 at 10:39PM
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liriodendron

LITH,

I am glad to hear some progress is happening for you.

Perhaps the delay to the next week is due to the bank's lawyer's or closing coordinator's unavailability before then? (The only good thing about sharing an attorney with your buyer is that it's one less lawyer to track down at closing!)

Mojo machine down in my cellar is still clanking and huffing (gotta remember to check to make sure all the spray paint and machine cleaner cans are still down there on the shelf ......) and sending waves and waves of good mojo down towards you.

Hope you hear positive news TODAY!

L

    Bookmark   November 16, 2011 at 1:29AM
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ncrealestateguy

LITH,
Glad to hear there is at least something happening.
First off, what a lazy sack of____, for making you wait on his lender and then calling you to tell you to call his attorney to schedule the closing! Anyhow...
Like I said above, if the paperwork is in to the lender, it does not take a week to email the package to the attorney. I have actually been sitting in an attorney's office waiting on the lender to send over the package, after finding out they needed another signature. The attorney can completye 98% of the HUD1 Settlement Statement w/o the package in hand.
I would like to know as much as you (well, maybe not quite as much), why it would take another week.
I would not call the seller up North until you hear from the attorney that she has spoken to the lebder, and that the package is on its way to her. You do not want to tell the seller that you are scheduled, and then have to call him again and tell him that it is not happening then. That would probably be his last straw.

    Bookmark   November 16, 2011 at 6:55AM
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sweet_tea

Schedule it for Monday morning. Get it moving. Today is already Wed. This is only 3 business days away.

    Bookmark   November 16, 2011 at 12:58PM
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beachlily z9a

Congratulations! Hope that home up in PA is still available!

    Bookmark   November 16, 2011 at 5:14PM
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maddielee

I really hope those involved aren't taking the whole Thanksgiving week off.

good luck! I, too, keep checking. Hoping you will close- SOON.

ML

    Bookmark   November 16, 2011 at 6:26PM
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LoveInTheHouse

Well, good news and bad news. The good news is we have a closing date. The bad news is it's not until the 30th. That's two weeks from now! But at least we have a date. The buyer called me to tell me he spoke to the banker who scheduled this date in consultation with the lawyer. The lawyer left a message on my machine but the office was closed by the time I got it. I think it's the lawyer's fault now. The bank won't be ready till Monday or Tuesday for whatever reason and then I don't think the lawyer has any dates available till after Thanksgiving.

I know NC. My agent up north can't believe all this either! My father thinks I'm lying, ha ha. And by the way, I don't think my buyer is lazy. I think he's easy-going, because if this was ME getting the loan, I would never allow this to happen. But I don't think he's trying to shirk any of his responsibilities. He asked me to call the lawyer because we're sharing her, which is the norm around here. And he and I have been in communication often so he just asked me, "Do you want to call her?" I'm always happy to make the calls because I'm more assertive and more experienced. But yeah, it's really frustrating. None of it makes any sense to me why this has taken so long.

My agent up north is going to schedule the new closing date now that we have the one for this house. They're going to be mad that it's another two weeks but at least it appears to be set.

Phoggie, you using any WD40 on that thing?

    Bookmark   November 16, 2011 at 10:47PM
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LoveInTheHouse

Oh yeah, and get this guys. I got THREE inquiries today, one of whom seems serious. Plus a cash buyer who's been very interested who wants to come see it right around the time we're supposed to close!

    Bookmark   November 16, 2011 at 10:51PM
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ncrealestateguy

Get names and contact info on those prospects and let them know that it may be back on the market in two weeks. Keep them interested for your sake.
Not to rub it in, but if there was an agent involved in this transaction the attorney would have found the necessary 30 minutes to please everyone. Like I have pointed out before, the lenders and attorneys and inspectors, etc, see FSBOs as one time business, while they see us agents as a reliable source of repeat business. One reason why our deals usually go much smoother.
I am so happy for you Love. I am hoping this is close to the end of your long closing. You may want to advise your buyer that he should not buy anything, like furniture, car or open up a new credit card until the closing is over.

    Bookmark   November 17, 2011 at 8:06AM
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rockmanor

LITH, I've been following your saga and it's great that this deal may actually close soon. I wish you all the best, but at the same time I agree with NC that it would be a good idea to continue to show your property (if the prospects will take time to look while it's under contract) and try for a back-up deal.

Do take NC's advice about warning your buyer, too. We lost a sale years ago because our buyer opened an account at a furniture store and ordered a house full of very nice furniture on credit about a week before closing. Your guy may not realize how he could kill this deal, too.

Unfortunately, I think that NC is right about the attorney. He probably has plans for the holiday and doesn't really care how this affects you, the buyer, your potential seller on the other house, or anyone else. You may want to try reaching him again today to push for a quicker close though, even if it means visiting his office in person if you can't get past his receptionist on the telephone.

In the last six years, we've had two deals that closed within two weeks, start to finish. I firmly believe that the *only* reason they worked was because our agent, the broker/owner of a large Re/Max office, has the clout to get the job done. I can be very persistent and persuasive, but without being able to dangle the carrot of future business it's highly unlikely that I could have accomplished the job he got done.

    Bookmark   November 17, 2011 at 9:31AM
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LoveInTheHouse

Nah, it won't do any good to try to talk her into a quicker closing Rockmanor. I've already screamed and cried and begged and I told her that I will be homeless if I lose the house I'm trying to buy because I can't close on time. And she also actually likes me--I've used her before plus she's been going through this whole saga with us for all the buyers. The last buyer, she charged them for work but not me because she felt so bad. I just think between the two of them, the bank being ready and the lawyer's schedule, they just couldn't do it any sooner. But I do agree with you guys that possible future business would be motivating. Luckily the seller of the house I'm trying to buy is willing to wait now that we have a date. I'm just scared to death, sick with worry, that the bank will renege at the last minute!

Okay. I am telling all my prospects that I'm showing the place again on Dec. 1. Because if the buyer can't close this time, it ain't happening. And I did warn him not to buy anything. I'll let you know how it goes!

    Bookmark   November 17, 2011 at 11:44PM
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phoggie

LITH....I saw your beautiful ranch on another post...it is indeed very charming and lovely...and your horses look so beautiful too.

I am hoping the 30th comes soon for you....hang in there...it sounds like this is all going to come together...and wishing good thoughts for you :-)

    Bookmark   November 20, 2011 at 12:50PM
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LoveInTheHouse

Thank you Phoggie! How is YOUR house selling going?

    Bookmark   November 20, 2011 at 5:57PM
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phoggie

LITH....we are taking it off of the market during Dec. and then relisting it in the early spring as a "new listing"...
we will probably lower the price a bit then and maybe get a different realtor. Nothing moves here in the winter and realtors know that it is "for sale" and if anyone has a good buyer, we can give them a one day listing. I get so tired of always having to keep it "show ready"....and I still like to decorate for Christmas and it will look a bit "cluttered". Hoping good thoughts for your sale and buying so you can get back home where your heart is.

    Bookmark   November 22, 2011 at 11:42AM
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LoveInTheHouse

I don't blame you for taking it off till spring. I've had some back-up interest and they're waiting to see whether this deal goes through or not and I'm cringing that if I have to call them, I'm going to have to get it "show ready" again. I'm a clean freak but "show ready" exhausts you! What state are you in again? MO?

    Bookmark   November 22, 2011 at 11:32PM
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dreamgarden

"I wish you all the best, but at the same time I agree with NC that it would be a good idea to continue to show your property (if the prospects will take time to look while it's under contract) and try for a back-up deal."

I agree. The lawyers/banks, etc are keeping you on tenterhooks. They don't care how much it inconveniences you or your buyer.

If this deal doesn't work, I'd try to go with the cash deal next time just to avoid the hassle. I'd also keep showing the place up until the day it closes!

Glad to hear others are interested, especially that cash buyer.

    Bookmark   November 23, 2011 at 10:39AM
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phoggie

Not in Mo....in Middle Kansas~ Where we get some nasty winter weather.

    Bookmark   November 23, 2011 at 9:27PM
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LoveInTheHouse

Dreamgarden, you said, "I agree. The lawyers/banks, etc are keeping you on tenterhooks. They don't care how much it inconveniences you or your buyer."

You're right! Get this guys: today I shot the bank an e-mail just confirming that they are going to close on Wednesday. I have to start planning things! How long can I wait without knowing for sure?! The loan officer responded, "As far as I know it's on the schedule." As far as she knows?! They do not care how they disrupt people's lives and cost them money! They could care less!

I have two people scheduled to come and look at it the weekend after we're supposed to close so if it doesn't happen, I might be able to get another buyer real quick. This buyer I'm on now over-lapped my last buyer. He came to look at it when the deal was shaky with Buyer Number Two. So you never know.

Kansas. That's right Phoggie. I wasn't far off, was I? I sold a nice little buckskin pony to someone in Kansas one time. When I was living in Oklahoma.

    Bookmark   November 24, 2011 at 12:07AM
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phoggie

LIRH~~ Tomorrow is the 30th.....good luck and I hope everything is on schedule to close :-) Be sure to let us know.

    Bookmark   November 29, 2011 at 7:24PM
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