6/9/2009
So, I received the following email yesterday from the bank's title company regarding the deal that has been extended by the bank 3 times and that is supposed to close tomorrow....
"I have received the deed in today from the seller and that completes all the items I needed in order to move this file to the closing department. We will need an extension signed to on/or before 6/19. The seller requires at least 4 days to approve the hud so this will not be able to close on 6/10.
Robin, please discuss with your buyer as she called and wanted a status.
Claire will be the closer on this and she can be reached at xxxxx@zzzz.com and ext 2153. Please communicate and coordinate the
closing with Claire directly.
Thanks,
Lois"
So, we are now extending for a FOURTH time. What a joke. I find it especially hilarious that the bank needs four effing days to review a HUD. Also, if they need four days, and yesterday was the 8th, why do they need to drag it out until next Friday the 19th? Inquiring minds want to know. It's like they want to hang on to this piece of crap house as long as they possibly can. I should have tried to wholesale it back to them instead of DB.
As I mentioned before, because of the 2 weeks of rain we got in Tampa recently, this house sustained quite a bit more damage than was initially present when I put it under contract. I went out yesterday to take pictures, and also had a contractor write me up an estimate to send along with my request to have the price reduced by $2750 (I plan on splitting the savings with DB so he doesn't walk from the deal).
Here's a peek at what the ceiling looks like after 2 weeks of rain....
More mold- yay!
Second hole in ceiling...
Now, you would think the (lazy, incompetent) asset manager would take a look at these pictures and say to himself: "Self, I guess I shouldn't have taken FOUR WEEKS to get the deed package signed! The house looks like an even bigger piece of crap than it did initially, so I guess I better drop the price a few grand and get this thing off the books."
That's what I would do, anyway.
Then again, I'm not lazy and incompetent, so what do I know?
I'll keep you posted....
Tuesday, June 9, 2009
Extension #4- Yay!
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16 comments:
Hi Steph,
If they won't drop the price are you still going to go through with the deal?
Looks like a lovely house, lol.
Ray
It's a beauty, isn't it?
I'll have to wait and see what DB wants to do. I'll be out of contract with both the bank and DB as of tomorrow. I'm not going to sign any new extensions w the bank until I get one signed from DB.
If they won't drop the price and DB won't extend, I'm walking.
Steph, in this case your title company would give you your deposit back yes?
I would say "Unreal" but from reading yours and others experiences, I'd say this is pretty realistic.
Hi Shae,
The bank's title co has my deposit, but yes, I will get it back since the bank was not able to perform.
Still haven't heard back from the asset manager about what he wants to do.
I really can't dealing with these idiots.
I want to find out where Joe Price lives and burn a pile of dog crap on his doorstep.
Steph
Meant to say "can't stand dealing w these idiots..."
I don't know how to edit comments. :(
I think you have to log in to your blog account/dashboard to edit any comments.
How's your new blog design coming along? Can't wait to see it!
I was logged in when I tried to do it, but the only option I saw was to delete the whole comment.
The new design is being worked on as we speak. I should be getting the first peek at it tomorrow. I'm excited!
Leaking roof, water damage, mold. Yikes! What a nightmare.
Steph,
I've been following your Goals and blog for a while.
My question is when you say that your goal for this week is to find more buyers. What stratieges do you employ to find cash buyers? What do you do even when you don't have a house to sell?
Thanks so much.
Hugh
Hi Hugh,
My favorite way to find buyers is by using handwritten signs. Here's a post I wrote a few months back that goes into detail:
http://is.gd/Wm1a
Hope that helps,
Steph
Steph-
Unfortunately, we are trying to compete with you on extensions ... our Short-Sale deal was just extended for the 3rd time by the Asset Manager. No reason given , just cuz. Roof is fine but our exit buyer is getting shaky.
jimi
It's maddening, isn't it?
I bet things would get done a lot quicker if the asset managers got compensated per deal that closes. Seems like they have no incentive to get things done in a timely fashion.
Bastards.
yep - just cut my fee in half to keep my buyer from walking ... for now.
jimi
Sorry to hear that, Jimi.
Well, at least you're still getting paid- my deal is DEAD. Woohoo!
Thanks Joe Price.
That looks like a LOT more than $2750 in damage! Like, add a zero!
Yeah, and Joe wouldn't budge.
Smart guy.
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