Back in March we made an offer on a home that was a huge mess. Half of the rain gutter was laying on the ground, nails exposed across the front door. Our brave Realtor marched us through the floor to ceiling clutter of golf clubs, guitars, books, and almost anything else you could name and when we told her "we'll take it!" she didn't moan, groan or even ask us if we were sure. That night we wrote a contract.
A month went by without hearing anything. We'd longingly drive past the house every now and then, wondering if we'd ever call it home. Then in mid April we get a call, the bank has asked us to negotiate. A fantastic deal was still a great deal and we agreed, we thought we'd have a month to close. However, that would put our closing date smack dab in the middle of our summer trip to visit family in the West. We prayed for an earlier closing date. The next day we got word that not only was there an earlier closing date but the bank wanted to close in two weeks or they would foreclose the property and send it to auction. Prayer answered.
The clock started ticking. We had an emergency meeting with our lender, then we waited and started packing. We thought everything was moving forward until the appraiser went to the property three days before closing. He said there were three things that needed repaired before we could receive lending, the gutter had to be fixed, there was an active leak in the roof, and a leak in the bathroom. The seller wanted us to pay for repairs since the property was being sold as is. Our Realtor boldly told them that we would not because if this deal falls through we would be buying the bank a new roof, gutter, and bathroom. The seller very angrily payed for repairs. At this time the house is still full of clutter. The appraiser can not see the walls because most of them are covered with book cases that are full. He agrees to go back the next day.
One day before closing the appraiser returns to home and finds the three repairs have been made. However, he also makes the owner pull out book cases and finds mold on one exterior wall. It must be re-mediated before our loan can go through. A mold specialist quotes the repairs to cost $2300. But the selling agent says her "guys" can take care of it at no cost to us. We decide to have her "guys" take care of it for now and we'd fully re-mediate it when our backs weren't against the wall. Closing is put off until the next day. Seth and I are there while they make repairs and the house is still full of clutter.
That same day we get a call from the selling agent to inform us that there is a $5000 lean on the property and that the seller is totally bankrupt and can not pay it, could we pick it up? We tell them absolutely not. Our gallant Realtor tells the listing agent they'd better find the money or they will be out their commission...we don't get an answer.
On day of closing appraiser explains that the ceiling had been repaired but the active leak has not. It must be fixed before closing. We scramble for a contractor. Seth goes to the house one hour before closing to see if repair has been made. The house is still full of clutter and he's told that the repair has been made but the lender needs proof. On our way to closing we still don't know if our lending has gone through or if the $5000 lean has been lifted.
We sit at the title company for six hours, then find out that there is no longer a $5000 lean but an $9000 lean so the sellers lender is withdrawing. Our Realtor speaks with the listing agent who negotiates with the bank. The selling agent will pay $5000 if we'll pick up the $3000. Okay, we'll do it. Our loan officer unofficially tells us that if this all falls through and the home goes to auction tomorrow one of his co-workers will buy it and we can buy it from them...the joys. We sign all the documents with the understanding that if the home forecloses first it all falls through.
Friday morning Seth takes the company a certified check for disclosed amount. We had understood that once he did that the house was ours. However, for some reason the title company did not wire the deed to the courthouse. We're told to wait until noon. Noon comes and goes, we still haven't heard. The title company hangs up on our loan officer, nobody knows why the deed hasn't been submitted. Seth and I decide to haul our whole family into the Title company to hang out until someone told us what was going on. Someone comes out and tells us that the deed had been submitted to the courthouse but the lending bank has not approved the HUD. However, we all understood the home to be ours.
Seth loaded up a truck load of boxes and headed to the house with a friend to change the locks and unload some boxes. When he gets there he finds the previous owners things still scattered all over the yard, two immigrant workers, the stove and fridge still missing, and two bashed out windows. Seth decides to call the cops. Two cops show, talk to the workers, and call the prev. owner. He agrees to bring back the appliances but after more than a half an hour he still hasn't showed up. While Seth is waiting with the cops, our Realtor calls and says that it appears that the selling bank does not want to approve the HUD. They believe they have the home in foreclosure so we are not the rightful owners. We're told that the selling agent has threatened to sue the Title company if the deal doesn't go through so the Title company is meeting with the bank on Tuesday...
So the saga continues. Yuk. This has not been a fun experience at all. Today when I looked through the house I saw through the front windows for the first time. They had been covered by book cases every time I had been there before. The home has beautiful wood floors that are miraculously in great shape. The home is beautiful! Will it be ours? Stay tuned for more adventures in short sale land.
Disclosure: I wrote this posting on two brain cells, it's been a crazy two weeks. Please excuse the typos and grammar.
