Tuesday, September 28, 2010

Still waiting

It turns out the lien was $12K for an unpaid credit card. First of all I did not know a credit card company could put a lien on your house, lesson learned. The credit card company and the second mortgage holder have agreed to negotiate and that covers 7K of the 12, over half way there. Now we are just waiting to hear from Well Fargo (the primary mortgage holder) to see if they will cover the last 5. I would expect they would because the current owners aren't paying their mortgage anyway, and it would be easier and cheaper than foreclosing on the home. Hopefully this week we will get an answer. I'm ready to start tearing that place up.

Thursday, September 16, 2010

Not today

Today was supposed to be closing day. It did not happen, but it will. Eventually. The sellers are trying to get it all worked out with their bank. In the meantime I am in a holding pattern. UGH.

Saturday, September 11, 2010

Closing delayed

Well I'm assuming it's delayed. My agent called me about the lien on the house due to the current owners. Apparently it is an unpaid credit card. We are unsure of the exact amount yet, hopefully will know that on Monday. The attorney thinks it's probably somewhere around 10K. If that's the case the current owners do not have the money to pay it.

See the purchase we are buying the house for is as low as they could go without it becoming a short sale. They need to get out of the house because one is unemployed and the other is on disability. The mortgage payment is more than they bring in a month. So they are in a bind, but it meant we got a good deal on the house. Or so we thought.

If they can't pay the lien off then they have to go to the bank and ask them to take less for the payoff. Which makes this a short sale. Which means it will take more time. Hopefully not too much time. Luckily I live in a place where I can take back my notice and stay month to month.

What it all boils down to is we will not be closing next week. I am not sure when we will close. Everyone talks about how they can't sell their house, well I can't seem to buy one.

Tuesday, September 7, 2010

Small snag (hopefully)

Got an email from my agent today. The attorney found a judgement against the house from the current owners from a credit card. She didn't have any details yet, but hopefully this is only a small bump and will not change the closing date on the house. Getting off work on a different day might prove to be challenging.

Thursday, September 2, 2010

On pins and needles

I am anxiously awaiting the appraisal to come back on my house. They went and looked last Thursday, hopefully today is the day. Closing is only 2 weeks away now! I suppose I should I actually think about packing soon. It's hard to pack before you know it's going to be a done deal. From the selling of my house in Los Angeles I learned nothing is a done deal until the ink is on the paper.