It’s been one of those weeks where I really wish I wasn’t in this business…
We were scheduled to have four closings this week — the sale of The Poor House and The Mini House and the purchase of The Pine House and The Neighbor House — but it looks like we’re not going to have any closings at all.
The Poor House is the greatest frustration this week. The buyer was ready to close last week, and was standing in the bank to get a cashiers check for his downpayment, when his mortgage broker scared the hell out of him and made him change his mind about buying a house. The abbreviated story is that the buyer is a 76-year old man who has never purchased a house before. He is already distrusting of those in the real estate business as is, but when his broker confused him about how to provide funds for the closing (he was originally told to get a certified check and then was told to wire the funds), the buyer decided that everyone he was dealing with was a crook, and became terrified of completing the transaction.
Long story short, his agent is still desperate to get this deal closed, but we’re pretty certain that this guy won’t be buying a house any time soon, so we’ve put The Poor House back on the market. Unfortunately, all the staging furniture has already been moved out of the house and into Staging Project #3, so the house is currently not staged. We’ll decide sometime in the next few days what our plan is to restage it (or not).
The Mini House was scheduled to close on Thursday of this week (tomorrow). We knew that the appraisal hadn’t yet been completed (the appraiser would have had to call us just to get into the house), but the mortgage broker, buyer’s agent and buyer were all convinced that it had. Yesterday, I called the broker, and asked if the closing was going to be scheduled for Thursday, knowing that it wouldn’t be. He said he was just waiting for the appraisal to be uploaded into the system and then the closing would be scheduled.
Instead of arguing, I just said, “Okay, let me know when the closing is scheduled. But, if it doesn’t get done by this Thursday — the contractual closing date — we’re going to put the house back on the market and keep the buyer’s deposit.” Within a couple hours, I received a flustered call from the buyer’s agent, who explained that there had been a mix-up and that the appraisal hadn’t been completed yet (surprise, surprise), and that the appraiser would be out to the house within 24 hours.
The buyer can extend the contract closing date by 7 days one time without our permission, so they actually will have until next Thursday to close, and I know they are scrambling to get it done before then. If they don’t hit that date, I’ll happily keep the buyer’s deposit and put the house back on the market. We went out of our way to help this buyer, and they couldn’t be bothered with keeping on top of the loan, so I won’t feel bad if they don’t get the property; I have a feeling we can make more money if we end up re-marketing it.
As for the two houses that we were scheduled to close on the purchase of, those didn’t happen either…
The Pine House was scheduled to close on December 18, but we’ve obviously missed that date. With the mold continuing to grow in the wet weather, we’ve requested that the seller reduce the price given the delay in closing. We haven’t heard back, but depending on the seller’s answer and when they think we’ll close, we will decide what to do.
The Neighbor House was scheduled to close today, but that’s not happening either. No word on when the closing will actually be scheduled, but my guess is either next week or the following.
So, it looks like our fun, busy week has turned into a frustrating, nothing-much-to-do-except-wait week…oh well, such is this ridiculous business sometimes… 🙂