Wednesday, October 14, 2009

Closing Postponed

So, we are not going to closing on this house on Thursday, Oct 15 after all. I do not know exactly why and apparently our real estate agent can't get a straight answer out of anyone. We do know that the buyers' earnest money check was never deposited. We think that the buyers' agent is the person that effed up.

This affects us deeply because:
1) We are living in a house with absolutely nothing in it (we have 3 kitchen chairs and 2 mattresses). We had to move completely out in order to keep our end of the bargain.
2) The contract on the house we are buying is contingent on selling this house ON THE FIFTEENTH OF OCTOBER. Not just on selling it sometime soon, but selling it on that specific date.
3) The lock in for the rate on our mortgage for the house we are buying only lasts a certain period of time.
4) Because the buyers' earnest money was never deposited, we don't even have any leverage. If this deal goes bad, they don't even lose their earnest money. We lose the window of time in which we can still sell to a first-time home buyer who can close on the house in time to qualify for the $8,000 tax break from the government...and suddenly there are no buyers for our house...

So, worst case scenario, when we ask the sellers of the house we want to buy to extend the time period in which we can close on the house we are selling, they say no and then everything comes crashing down around us. No new house. No awesome mortgage rate. We're screwed. We have to move back into this house! UGH!

OK, that probably won't happen, but it could and it scares the shit outta me.

And guess what? The pay for this effing buyers' agent comes from US!!!!

I have decided that I am going to cause a stink. I am going to ask for bank records which prove that she faithfully executed her fiduciary duty (deposited their check properly). If she cannot prove this, I am going to ask that her commission be reduced. I know, I know, I probably can't get any satisfaction, but dammit at least she'll hear about it. At least I will have the satisfaction that she will hear about this.

1 comment:

Anonymous said...

That stinks! I say give 'em hell, even if it doesn't amount to much in the end. They have a job to do in order to earn that commission. I'll keep my fingers crossed that everything works out for you. Keep us posted.

Ms. BW