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Thursday, September 22, 2005

Update On Closing

I got a voicemail from the escrow agent and she told me she received my Cure Notice and has notified the buyer. She also spoke with the lender and he told her the delay was because the buyer's use of the property has changed. Now, I was told he was buying two houses and one was going to be an investment property and the other was to be his residence. He supposedly liked my property the best, so that was going to be his residence. The message the escrow officer left had it the other way around. Whatever the issue, she says we should close early next week. Well, that better mean Monday because that's the day the Cure Notice expires and I will have no qualms about putting this thing back on the market and keeping the guy's earnest money. He had a 30 day escrow period and now an additional week to get his loan situation straightened out. Of course, if it doesn't close and he wants another extension, I might be willing to give the guy another 1 week - but he will find the price of the house will have gone up.

4 comments:

Steve said...

Good job, Shaun. From start to (almost) finish this project has been a complete learning experience (for all of us). Here's hoping you can get this closed on Monday! Even if not, at least you'll have some pocket change and can re-list for something higher!

tmtb said...

As Steve said, great learning experience for all. I also hope that you can close on Monday. Are you sure the Cure period is 3 regular days? It could be 3 business day which would make it Tuesday.

Shaun said...

It's 3 business days. They received the notice on Thursday, so Monday is their deadline.

Jonathan@MyMoneyBlog said...

Another close follower of this house here - I personally can't wait for you to sell it either! I need closure! (pun not intended)

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