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.

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