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Swirly Chairs After those links yesterday, I'm convinced you… - Portrait of a Young Man as The Artist — LiveJournal
Swirly Chairs

After those links yesterday, I'm convinced you can take great photos with the iPhone. I'm going to learn how. :)

So. The house? Short sale. The seller agent didn't disclose this until 9 minutes before our contracted deadline. Douchenozzle much?
Regardless. We did a lot of reading last night, spoke with our agent, and are looking into the sale details. namely, we want to see if the bank has not approved the short sale, if there are any liens on the title and if multiple lenders are involved with the money owed on the house.

If none of the above apply, the sale will likely happen... albeit slowly. If any of the above apply, we're probably going to walk.

Our agent is confident that we can get this wrangled before the Dec 1st cut off for the awesome tax credit. He's annoyed and has no problems with leaning on the seller and bank as necessary to get this done.

I am... skeptical but coming to terms with the potential length of this sale. Which, actually, could be good as our lease doesn't end until May. Though we'd lose the awesome credit.
It's a great house, though.

So. We'll see?
The bank is Well's Fargo.
The title is clean - no liens.
There is only one mortgage on the house.
Um... not sure of the bank approved the short sale yet.

Sooo.... we're writing in a clause to the offer that essentially says we get to walk if someone else accepts our offer on another house.

Various people in our agent's office says we could likely get this done before Dec 1; however, the bank gets to set the close date. Which would be very annoying if we were in France at the time. :)
It also means a scramble to move depending on when they set closing. And extra interest payments on our loan if they set closing early in the month.

This is nutty.

Pardon me while I try to crowbar some of the power away from the bank!
8 comments or Leave a comment
From: thegelf Date: August 12th, 2009 03:10 pm (UTC) (Link)
Ah well. I'm sorry this turned out to be more of an adventure than you'd really like.
abmann From: abmann Date: August 12th, 2009 03:19 pm (UTC) (Link)
I'm willing to bet that any future house purchases will be FAR EASIER than this one shall prove to be.

I'm kind of gearing up for a fight.
codekitsune From: codekitsune Date: August 12th, 2009 03:44 pm (UTC) (Link)
Sounds so stressful =( And sucky.

But that's a neat chair!
abmann From: abmann Date: August 12th, 2009 05:29 pm (UTC) (Link)
It is stressful because it feels like we're stuck to what ever the bank wants. But we can write in a clause to the offer contract that says we get to walk if we get an accepted offer on another house. So, it gives us leeway to keep seeing places.
From: ex_hellocth126 Date: August 12th, 2009 04:16 pm (UTC) (Link)
Well that sounds exciting. At least you can keep looking easily in case a better offer comes along. Good luck!
abmann From: abmann Date: August 12th, 2009 05:30 pm (UTC) (Link)
Yeah, being able to write essentially anything into a walk clause is pretty nifty.
labelle77 From: labelle77 Date: August 12th, 2009 10:28 pm (UTC) (Link)
That happened to me, too, when I bought my house in Iowa years ago. The seller agent didn't bother to tell anyone the house was in the process of foreclosure (the previous owner had passed away, she was ridiculously in debt and the house was slow to sell) until just days before what was supposed to be the closing, saying that I would probably just have to buy it at auction. Real Estate is the preferred profession for douchenozzles, I do believe.
abmann From: abmann Date: August 13th, 2009 12:40 pm (UTC) (Link)
It seems like disclosing that should be a legal issue...
8 comments or Leave a comment