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Wednesday, May 31, 2006

House 3: My Signing Scheduled

I hadn't heard back from the escrow company by mid-afternoon, so I decided to give them a call. Turns out, my escrow officer is out of the office the rest of the day because his grandfather's health is failing. His assistant has "put my file on top of his desk" and I've made an appointment to sign the papers at 11 AM tomorrow. We close on Monday, but I'll be out of town then and my Friday is rapidly filling up as well, so I'm running out of time to sign.

I still have not heard back from my agent, either by email or phone, as to the status of the buyer's loan and appraisal. I'm a bit nervous that things are going to fall through. If you recall, we will likely need to adjust the sales price of the property based on what the appraisal comes back at. This has still not been done, yet I am supposed to sign docs tomorrow morning.

Oh... It appears I never posted about that, although I referred to it yesterday. So no, you don't recall.

After we educated the buyer's help that their strange contract addendum was not required, they went ahead and started the appraisal process. The next day, we found out the buyer's mortgage broker spoke with several appraisers and all of them said they would not be able to justify the $205,000 price. The highest any of the appraisers could go would be $193,000, based on a quick examination of comps in the area. Since at this point, I am just looking to get rid of this place, I agreed that my absolute lowest sales price would be $193,000. I will still kick back 3% plus the $3,000 to cover the stuff in the home inspection, plus $350 for a new stove. The buyer agreed to this and the appraisal was ordered. We put the $3,000 and $350 in writing but were holding off on adjusting the sales price in writing until the final report came back from the appraiser. That was about a week ago and I have not heard anything since.

1 comment:

Seattle Eric said...

I would suggest that you require the escrow agent to send a notary out to you for the signing. I don't know about you, but my wife and I are typically so busy, that when it comes to signing, we are always given limited notice (usually 24 hours or less). I always push back in these cases and politely but firmly demand a remote signing.

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