Lately it seems I just can't get a stress-free transaction!  Friday was no exception to this latest streak of (bad) luck that I've been having.  Although quick -- we put the offer in last Friday and closed in a week! -- the seller decides at the last minute that she can't get out of the house that quickly.

A flurry of phone calls begin this afternoon -- between me, the seller's agent, the seller's agent's assistant, the buyer, the lender, the title associate, back to me -- you get the drift, I'm sure.  The phone calls continue until right before our scheduled settlement.  We're finally ready to begin and I rush to the reception coffee machine to grab a quick cup of coffee, and just my luck (it figures) there's only decaf left!

Before settlement, we went for the walk-through as planned, thinking that perhaps the seller will need just one more day to get out after being warned by the listing agent that the situation doesn't look good.  We can't postpone until Monday, because the banks are closed - so settlement would have to be Tuesday if it is postponed.  We decide to try our luck and go to the house to see just how much she has left to do.  So, off to the walk-through we go, only to find the doors locked and the seller gone.  Standing outside, freezing, we peer through the windows and see tons of stuff left, everywhere.  Junk, really, but I'm trying to be polite here!  It turns out the seller left and drove to the listing agent's office for some reason, clear across town.

We -- the buyer and I -- ended up feeling bad for the seller, as she really seemed stressed today.  I feel so lucky that the buyer was understanding, as he is really getting a great deal on this house.  When the seller finally comes to the house to let us in for the walk-through, she was so apologetic about not being out on time.  We rushed the entire transaction -- one week -- because she wanted it that way.  Meanwhile, the dumpster is full, and I don't know how she will fit more stuff in there -- but promises to be out by Sunday at the latest.  She is apologetic during the entire settlement, and even afterwards as she is walking out the door to finish up the huge task in front of her. 

So, we did what we had to do and held a considerable amount of funds in escrow.  If she is not out by Monday at noon (we were generous  didn't really trust that she'd be out by Sunday and gave her an extra day) the buyer gets to keep the $2,000 held in escrow.  If she continues to be late, she will be charged $500 per day. 

Sellers -- it is important for you to be sure that you can be out of the house by the time settlement occurs.  Start early!  You will always have more to pack up than you think you do, especially if you are moving yourselves.  Most often, this is when these problems arise. 

There is such a chain of events that must take place in order for settlement to happen, that when it doesn't occur on time it really has a domino affect.  In this case, the buyers had arranged to have help over the weekend to clean and paint and get the home ready for when their furniture arrives from storage on Thursday.  Now, they will miss all of this weekend help, when their family and freinds were available, and won't be able to get settled on time.  In the meantime, they are displaced by living with relatives. 

The Loan is funded, the utilities have been notified, the insurance has been paid, buyers have taken a day off from work ... you get the idea.  Not vacating the home on time can have a serious effect on may levels.

Sellers, if you feel that you cannot be out on time for some reason, please don't wait until just hours before settlement to let everyone know.  Many times, several days notice might not be enough, but is appreciated far more than just a few hour's notice. 

It could have turned out into a troublesome altercation if the seller wasn't so apologetic.  I've been in situations where the seller takes it out on the buyers, the agents, etc., and it isn't a pretty sight.  Especially when it is clearly their own fault.  In such a case, it seems they always lose the escrow funds held!  They are so busy fuming, when they should be packing!

Hopefully this will have a happy ending on Monday, and the seller will be out on time, the dumpster will be removed and the house will be vacated and available for the buyer.  If not, I'm sure I'll be posting (venting) about it!