Further Explanation Of The Delay

I just spoke with my agent, who spoke with the buyer's agent and I now have a better understanding of the problem. The issue isn't just a misspelled name. Apparently, many years ago, the buyer changed his middle name. The docs showed his former middle name and he signed with his current middle name. Nobody caught it until the lender was doing the final review of the signed documents. Given this information, I can totally understand the lender wanting...

Possible Delay Again

Well, I just got off the phone with the escrow agent and they still do not have funds yet. Apparently the problem now is that the lender is being a jerk. It seems the loan documents the buyer signed had the buyer's name spelled incorrectly and neither the lender nor the escrow agent caught it. The lender was complaining about this and wanted to get new docs, which means the buyer would have to sign docs again. Given the late hour, that would probably...

Another 1 Day Delay

I got a voicemail from my agent this afternoon and she told me the buyer signed his loan docs today - which means the loan will not fund until tomorrow, since the docs have to be overnighted back to the bank. But she was also told the bank has ordered the wire for the funds, so it should be all set to close tomorrow. I went ahead and gave them a one day delay. It sounds like things have finally progressed.Another reason I let the buyer have another...

Found the HUD error!

As I said before, there is always a mistake on the HUD settlement form - it's just a question of finding it. I originally thought this time was a rare exception, but it turns out I was wrong. There is a mistake.A friend brought to my attention the fact that the $26 for four days of property taxes figure I gave seemed a bit high. Turns out, he was right and I made a calculation error. The actual amount is about $12 for four days. But in reviewing...

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...

Entering The "Cure Period"

Back when I listed this property, my agent told me Arizona Realtors have a new sales contract they use and it is very pro-buyer. Yesterday, I ran into one of those pro-buyer clauses.At the end of the day, I still had not heard back from my agent or the escrow officer, so I called the escrow officer and spoke with her. She had still not received any loan docs. I told her as far as I was concerned, the buyer was now in breach of contract and has lost...

Delayed Again

Apparently, this house was not meant to be sold quickly. Everything I have attempted to do with it has been delayed.Escrow was supposed to close today and this morning, I called the escrow officer. She said the buyer's lender had spoken with her and told her she would have the docs "very soon." The day went by and I got a call from her this afternoon at 5:00 PM. She still didn't have the docs. The lender said she would have them tomorrow. This is...

Closing Has Been Delayed

The buyer's lender did not get stuff done in time. The loan is still going to go through, but it is "in line for funding," whatever that means, instead of "funded." So our new closing date is Tuesday, although it could close as early as Monday.The buyer had his final inspection and everything was ok except for no hot water. The house has an electric water heater and I know for a fact the circuit breaker for that is turned off. I don't know why it...

Escrow Closes Today - Theoretically

I just spoke with the escrow officer and she emailed me a copy of my HUD settlement statement. Everything looks OK, which is pretty shocking given that there are usually always errors on these things. The statement only reflects a 70% investor discount on the title charges, but she is waiting to hear back from the company I purchased title insurance from when I bought the property. Once they confirm my old policy, the discount will go up to 80%.Her...

Rejected For Office Depot Card

Yesterday I received another rejection notice, this time from the Office Depot credit card I was trying to get. Again, I'm not too concerned about this, since I won't really be needing credit anyway. I still have not heard back from the cashback credit card offer I sent in a while ago. I'm thinking I'll get it because I believe I had to offer a personal guarantee of financial responsibility on that one. These other two cards I did not (but I was...

The Handyman Returns

When I was going over the work that needed to be done on the property, my handyman told me he had an assistant who was going to work on replacing the dry rot on the patio enclosure. He gave me his number and last night I called him, in an attempt to find out the status of the job. When I initially talked to him, he wasn't sure who I was, but he did tell me that my handyman had returned from vacation Monday night. So I called and left another message...

Where Is The Handyman?

Escrow is supposed to close on Friday. I met with my handyman two weeks ago to go over the work that needed to be done. He told me it would take 1 day and that he could start the following day. He did mention he would be on vacation last week, but that still left him a full week before his vacation to get the job done.I've called him Sunday, Monday, and today. All I get is his voicemail and he hasn't returned my messages. I haven't had a chance to...

Escrow On Track

I called my escrow agent yesterday to make sure things were on track for our closing a week from today, since I haven't heard anything yet. She said she had everything she needed from me, short of my signature on the closing documents. She is just waiting for some loan paperwork from the buyer's bank and then we'll be good to go. She said I could go ahead and come down and sign everything, but I said I'd wait until the buyer's docs arrive. No point...

New Rat Race Job

I accepted a job offer today at a new company and gave my two weeks notice to my current employer. I'm still in the rat race, but at least I'll be making a bit more money and have better benefits - plus the coolness factor will greatly increase since I'll be working at a company that makes video games. The raise will allow me to save more towards passive income investments, which puts me one step closer to leaving the rat race. It will be very tempting...

Rejected For Lowe's Card

As part of my efforts to build credit in my company's name, I applied for credit cards at Lowe's and Office Depot, as well as the 3% cash back credit card offer I got in the mail last week. Today I received a letter from Lowe's (actually, from GE Capital Financial, who runs the Lowe's credit card program) saying my application was rejected because my company did not have a Dunn and Bradstreet credit file. Lowe's was supposed to be an easy card to...

Just As I Thought

When my handyman told me fixing the items on the buyer's Inspection Report would take 1 day and that he could start Tuesday, I knew there was no way that would happen and I figured it would really take him three days. Sure enough, late yesterday afternoon (Wednesday), I got a call from him saying he hadn't started yet, but he was going over there now to start. He asked again when escrow was closing and I told him a week from Friday, which is the...