Another dispatch from the divorce-motivated home sale front.
We got the first offer from the buyers we’re currently in escrow with on May 3rd. We went through four counter-offers to get to a deal everyone could agree on.
It was a pain in the ass. And while we were countering and counter-countering ‘round the mulberry bush, we got two other offers. That added more chaos to the process, but also proved the real estate maxim that the market picks up in late Spring true.
Since we had other offers, we were able to get the buyers to come up in price a bit. We also made the fact that we were selling the house in as-is condition very clear in writing. With every single counter-offer.
I didn’t want to deal with contractors and repairs and re-inspections after all the time, effort, and money we’d (I’d) already put into the paint, faucets, window coverings, carpet, and tile.
Well, too bad for me. And too bad for the written contract, because after the buyers did their inspection, they made a request for repairs. On the upside, they just wanted money. They didn’t ask that the repairs be made (and managed by me) before close of escrow. They just picked a number and asked for the money to make the repairs. When I balked at the amount, their agent said they were “firm.”
Hey, we were pretty damn firm about as-is condition.
Eventually, we came up halfway on the money and they verbally accepted. But the paperwork never came through. Days passed and our agent was getting increasingly frantic. Me, too. Escrow was scheduled to close on or before June 23 and here we were at the second week of June with the buyers hanging up the process.
Turned out, there was a rather big reason for that. They were in escrow selling their current home and their VA buyer’s financing fell through. (I’m telling you, that VA home loan thing is a mess, which makes sense given that the entire VA is a Kafkaesque nightmare.)
So here we are six weeks in with these buyers and their agent finally comes clean. It matters because the sale of our house is contingent on them getting financing, which they can’t do until their current home sells. They, who initially wanted a very fast escrow, now need an extension of time.
Absolutely everything is done on this deal: the appraisal came in at value, the buyers’ inspection was done, the termite report was clean, all the details…done. Except their loan funding. They’ve offered to release part of their earnest money deposit to us to cover the house expenses (and it would be non-refundable) in return for an extra 30 days for escrow. Their agent has another written offer on their property, and two verbal offers.
There’s no downside to giving them the extra time versus the hassle of re-listing the house and starting over again with another buyer. And as it happens, the amount they’re giving us is almost double the amount they demanded for repairs, so there’s a little karmic payback.
I really had no idea how complicated divorce would be, with all these moving parts.
And the mountain of paperwork.