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Author: jeffbrig Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127679  
Subject: Closing Pains... Date: 7/15/2014 3:34 PM
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Well, I was supposed to close today on my home purchase. My condo sale was supposed to close either yesterday. Well, the condo sale didn't happen yesterday, and nothing is happening today. Grr...

Thankfully, deals are still in place - we amended both contracts today to give additional time to close.

Underwriting at my buyer's mortgage company decided to be a pain in the you-know-what with multiple last minute requests about the condo association and it's management/assets/reserves. I think it was Rayvt that advised me years ago (when buying) "condos can be harder to get rid of than herpes". Well, apparently mortgage companies now share that view. To get the funding expedited, they are requiring my buyer at the last minute to pony up additional funds to do a lower LTV than they had originally qualified him for. He's not happy, but he's agreed to do so.

Everything was in place for my purchase - except my down payment funds. The equity I will walk away with from the condo sale was earmarked to cover my down payment and closing costs (and then some). But with a last minute delay on the sale, I can't just snap my fingers and come up with the $100k+ liquid needed to close. Give me a week's notice and I could do it, but not in a day or two. Thankfully the sellers were very understanding, so we're just pushing everything back a few days.

Waiting on final word if we can get everything set for Friday, if not it'll be Monday.

I just want this thing to be over with!
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Author: inparadise Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127240 of 127679
Subject: Re: Closing Pains... Date: 7/15/2014 3:53 PM
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Give me a week's notice and I could do it, but not in a day or two. Thankfully the sellers were very understanding, so we're just pushing everything back a few days.

You have a good attitude, but realize it is very much in the sellers interest to have one too. Going back to square one is something to be avoided if at all possible.

Relax. It sounds as though all are motivated to make the sales happen, so it it likely they will, even if there are a few bumps in the road.

IP

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Author: richinaz Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127241 of 127679
Subject: Re: Closing Pains... Date: 7/15/2014 6:20 PM
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Good luck. In many ways I would like to own a condo since I have zero interest in yard work/house maintenance but due to:
1. Resale value
2. Noise factors
3. Continued maintenance of the property being an unknown

I've avoid them. Instead I have a 2,000+ sq ft, 4 bed, 2.5 bath house on a 1/2 acre which is excessive for a single guy (north of 40) but I figure it will sell much easier than a small condo/house, especially considering the neighborhood it is in.

Hopefully in the next 5-10 years I will downsize and/or retire to someplace smaller and a lower cost state.

I think if I ever went the condo route it would only be as a renter. If anyone has a better suggestion I'm open to them.

Rich

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Author: Jennlee222 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127244 of 127679
Subject: Re: Closing Pains... Date: 7/16/2014 7:08 AM
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The only home transaction (buying or selling) that I've ever been involved in that came off on the original schedule with no hiccups was one that was a cash purchase on a bank-owned foreclosure.

Seems like its always something!

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Author: inparadise Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127245 of 127679
Subject: Re: Closing Pains... Date: 7/16/2014 7:27 AM
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The only home transaction (buying or selling) that I've ever been involved in that came off on the original schedule with no hiccups was one that was a cash purchase on a bank-owned foreclosure.

Seems like its always something!


Try the fun of an estate sale with 5 people inheriting, all far flung across the country. No, 4 now, since in the years this has dragged out one has passed on without other heirs. As many times as this house has gone on to closing, you would think the lawyers would know what the heck they are doing, and there would be no surprises, but this as is cash deal is once again at risk of falling through because apparently the spouses of the heirs are also considered heirs in NC and none of the spouses signed the agreement we siblings signed allowing for a quick close.

Rural NC...not a wonderful place to sell real estate. Not even sure we could give it away at this time, given the sales price is down to $35,000. No wonder no one wants to put the effort in for so little payback.

IP

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Author: 2gifts Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127248 of 127679
Subject: Re: Closing Pains... Date: 7/16/2014 2:43 PM
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Try the fun of an estate sale with 5 people inheriting, all far flung across the country.

It could be worse. The estate could have had a Medicaid lien, and the decedent died without a will. You then get to do all of the "standard" steps as you described plus a few extra hoops just for good measure.

Do not ask me how I know this. Ugh.

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Author: inparadise Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 127249 of 127679
Subject: Re: Closing Pains... Date: 7/16/2014 3:28 PM
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My condolences all around.

IP

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