Episode 5 - Real Estate Hell...

So, here is what happened with our horrible Real Estate transaction. We were SUPPOSED to close (for the second time)on Tuesday. On Monday afternoon, Ron (our agent) calls and says "there is a little problem". It seems that since the first loan the buyers had, (the 80/20 loan where they were putting 20% down, $98,000) fell through, they weren't able to close on May 22, the way the contract said. So, being nice people, we gave them a 2 week extension, so they could get a new loan. The buyer makes plenty of money, so I assumed HE KNEW SOMETHING ABOUT THE LOAN PROCESS. However, he lost his first loan, because once he was approved, according to HIS agent, he took on "a lot" of new debt, which changed his debt to income ratio, and lowered his credit score. And, since his Lender checked his FICA Score the day before the Closing, and saw the drop in the score, they cancelled his first loan, which also cancelled our closing. So, (see "nice people" above) we gave him another chance. Back to my story: On Monday afternoon when I ask Ron what the "little problem" is, he says that the Loan Appraisal has to be redone since it is a new lender and that the Buyers agent "forgot" they needed a new one. So, by this time, it is late on Monday, so Ron says the appraiser is coming early on Tuesday AM, and "don't worry" we are still closing on Tuesday at 3pm. Tuesday AM, the appraiser is running late, and does not get to my house until 11:30 am. I'm NOT surprised to see that he is the SAME appraiser who came here last month with the last loan! I ask him why he had to come again, since he was here less than a month ago. I assure him that I have not burned the kitchen up since I saw him last. He wants to earn another commission, however, so he takes NEW photos, (same as the old photos), and then leaves. I then get a call from Ron, telling me that since the new appraisal did not make it to the Lender before 12 noon, the closing on my house will be delayed until Wednesday, at 11 am. Wednesday AM, (guess what happens next) I get a call from Ron, telling me that "there is a problem with the Power of Attorney. The buyers, who planned to (and did)leave the country the day after the May 22 settlement (missed) date, went ahead and left town, giving their mother-in-law Power of Attorney to sign the sales papers for them. Apparently, the Notary Public that signed the Power of Attorney papers hadn't noticed that his commission had EXPIRED THE DAY BEFORE HE SIGNED THE POWER OF ATTORNEY!!!!! Of course, the Buyers agent says, don't worry, it will only take a day or so to get new Power of Attorney papers from wherever in Europe the buyers have gone. Thursday am: Ron calls us to tell us that they new Power of Attorney papers have been faxed from Europe, and we are a "go" for the Settlement this morning. He tells us to be at the Settlement agency at 10am. We go, and ALL BY OURSELVES , we sign the papers to sell our house. Ron says "Don't worry" (that again), the buyer's mother-in-law is just waiting to get the papers from the lender, and will be signing the Sales documents at 1pm on Thursday. Ron tells us to go ahead and go to Virginia, that we can do the walk-through on our new house, and then go and sign all the sales papers and that by the time the sales papers are signed in VA, the Buyer will have signed the sales papers in Maryland and it will all be a DONE DEAL. So, we do the walk-through on our new house in Virginia, then go to the Settlement Attorney in VA and sign all the papers to buy the house. They give us the key and and tell us that it is a done deal, ALTHOUGH the Buyer has NOT SIGNED THE SALES PAPERS ON OUR HOUSE IN MD. "Don't Worry" says our agent, it is just a small delay, the money is on it's way, and as soon as it arrives, the deal is done. We take our new keys, and unlock our new house. We have already had to call and change our moving date twice already, and also had to call the guys who are putting in our new wood floors and put them off several times. We know that the floor guys are on the way over with all the wood and are planning to take up the old carpet and start putting in the wood floors on Thursday pm. At almost 6pm, we get (yet another) call from Ron, he says that the Loan company wants to REVIEW the terms of the buyers loan again, so we better not start working on the floors. So we have to call the floor guys back and cancel. Finally Thursday evening, Ron calls and says the loan company is finally satisfied, and will send the money to complete the sale on Friday at 9am. Friday morning we go over to the new house and start taping off the walls before we start painting (figuring that we can always pull the tape back off if it all falls through), and waiting for the call that the money has been transferred. Ron calls again and says that when the loan company said the money was being wired at 9am Friday, they meant 9am CALIFORNIA TIME!!! Long story short, the money for the sale of our house came through at 3pm, and the settlement company in VA got the money to complete the purchase of our new house at 4:45pm, so they have it, but it will not go to the bank until Monday. It was the most stressful experience of my life. AND it was made worse by the fact that I couldn't buy my new mattresses until today (no certain delivery address) and I am sick of sleeping on the floor. Tomorrow we are going to the new house early and painting the mustard colored living room and the blood colored dining room a nice antique white, after applying several coats of KILZ!!!