House vent

katiewhompus

Ugh...once we move I am so never moving again...So we got an acceptance on our offer (yay). Then we get the call that they want to move the closing date from November 6th to October 16th. Eh, not a real biggie..except that will apparently increase our escrow by about $3k which will come out of our pocket since it wasn't put in the original closing agreement. Then our amazing realtor calls today and apparently the sellers realtor called her and said she's going to be on vacation for the next month...um...excuse me?The other realtor then calls her back and asks if we can close on September 30th (yes, 25 days from now). Not only will this increase the escrow again, but it will also mean that we will have to pay rent + mortage for 3 months (and we don't have that money), or ask our landlord to break our lease.Soooo now we have to figure out if we can even do that, since VA loans typically take 45-60 days to close, juggle around this other chicks vacation and whatever else arises...Gah! If it weren't for the fact that this is a great house for the price, I would so be out just because the seller/his agent are being such idiots.

Mofongo

Don't you guys have some say in when you close?

katiewhompus

We do but he also could say "oh you want to close later, ok no deal".

Mofongo

Oh. Well in that case I hope it all works out for you We just bought a house earlier this year, i feel your pain!

sarabellam

Why would changing your closing date change your escrow?

katiewhompus

I must say, our agents and lender are A-mazing. Our agent has called dh 3 times today to keep him in the loop and our lender is on the other line with her getting things sorted out. I'm so glad we got lucky with them

tlv204

That sucks. I"m dealing with similar stuff now too, with the inspection on an 82 year old house on Tuesday. I'm terrified.  Also, I've been acting all sorts of confident around everyone else, but I'm pretty sure money is going to be really tight for about 2-3 months after closing.  Seller is helping us with closing costs, but things just pop up a lot and we also have to overlap mortgage and rent payments by about 2 months.  I'm scared, but DH (who is normally the conservative frugal one) seems to think everything will be fine and wants to get a new couch.  **sigh** Good luck with everything!  And yeah I'd wait until you hear from a bank about closing, 25 days is really cutting it close so it might just be out of your (and the sellers') hands.

lyndausvi

if you have signed offer how can they change the closing date by six weeks?

katiewhompus

sara, honestly I'm still fuzzy on that. It's something about if we close in November then the first payment would be Jan 1st which would be in a different tax period than October, so we would have to pay for 2010 + 3 months of 2009...I let Dh deal with that part of it.

sarabellam

Okay, that makes sense. I've bought a house, bought my current house, and sold the first one, all while single, but the whole process still is a bit baffling to me.

katiewhompus

tlv - that's what scares me even more, we haven't even gotten to the inspection/appraisal part!If the seller wants to back out I wish he'd do it so we could get rolling on a new house, vs being a d*ck and playing games like this.Our lender just said, point blank, "I cannot get the paperwork processed by then, tell them no."Ugh...this is worse than wedding planning.

engaged2Q

Just remember, as the buyer you have more power than you think, especially in this market.  I would dread selling my house in this market...if they back out, something else could be a long time coming for them.  I bought my house just as the bottom was starting to fall out of the market.  I put in an offer on a house and they counter offered too high.  I said no.  I walked away and about a month later, they called back willing to accept my offer (I said no, but for various other reasons at that point).  Good luck and I hope it works out for you!

[Deleted User]

:huddles trembling in the corner with whomper:

[Deleted User]

Just remember, as the buyer you have more power than you think, especially in this market.you have no idea what you're talking about.

katiewhompus

*huddles with Jill*Yeah..being a buyer in this market, at least in the area Jill and I are in SUCKS. By the time a house is listed it's sold. The house we're working with had an offer $30k higher than ours but the seller went with ours because we have no contingencies and the other offer had a ton.That and the price range Dh and I are in is the same as the house flippers in the area, so we keep losing houses to them

LesPaul

I'm trying to sell now too. Great timing - selling during the worst market in history.

katiewhompus

Lespaul,If only you were selling in my neighborhood and price range, then both of our problems would be solved!

FutureMrsL.R.Allen

Your escrow should not change because they move up the close date. They are taking advantage of you, do not let them do that. Your escrow is written into your offer, if they excepted it then they can not change it.