Settlement is next Friday … I hope
Ok so we’re buying this house and one of the perceived “benifits” for the seller was a quick settlement, 30 days. He agreed to this and so Will and I have been working our asses off to get everything ready from our end. I can say that as of this morning we are all set; mortgage, insurance etc… I wish I could say the same for the seller.
The termite inspection revealed some old termite damage and the mortgage company won’t give us a mortgage unless the damage is fixed because it could be “structural”. Soooo I got a company out to do an estimate of the repairs 2 weeks ago. We got the estimate and told the owner about it last Thursday and presented him with an addendum to the agreement of sail stating that he would make the repairs and give us some money at settlement. We hear NOTHING. Tuesday I get a phone call from the seller and he starts talking about how he’s going to have to spend so much money blah blah blah. I explain to him that I could care less if the repairs are done but that the mortgage company REQUIRES that they be done. We come to an agreement that involves less $ at settlement and him using the company that gave the quote to do the repairs. I then called my lawer and explained to her. She wrote up the new addendum and sent it on to his lawer.
In that same phone conversation he also stated that he had filled out the application for use and occupancy but “hadn’t scheduled anyone to come out yet”. UGH I am loosing my mind. We are supposed to settle in 8 days! Also if he delays it costs us money to extend the lock on our interest rate. I am sooo fed up and confused as to why he is not cooperating.
Big hugs, sweetie… I know exactly what it is to be dealing with uncooperative people in real estate transactions. (In fact, the memory is all too near. Ugh.)
At least he agreed to do the termite repair. Typically, homeowners do not have to agree to that unless there is a current infestation (which is part of how we got screwed when we sold out house, if you remember…)
And you can always also have your lawyer make a proposal to his lawyer that a new addendum be added stating that he would be responsible for part/all of the additional costs to you, should he not get the inspectors out there in time. Since you are legally permitted to walk if he ends up in breach of contract — ie: if he fails to meet all of the conditions set forth in the current contract, including the settlement date — that might light a fire under his a** to make sure the people come out about the use and occupancy inspection.
Since he is looking to sell fast, it is not likely that he waould want to have to start all over, ya know?