Today I tried to play catch-up. I had a friend covering for me, but I think it's more stressful for me to be out of town than to be in town and working. We did not have cell phone reception at the campground, so we had to drive to higher ground or into town to get service so I could check messages, so I did that daily.
One of my deals died yesterday. We were already on our way back home, when I got the call. It was a contract with a buyer that we thought was accepted before I left town. It was a bank owned property with a title issue. The lender verbally accepted and we had inspections scheduled for this morning - the reason we were returning to St Louis. Then yesterday morning the lender backs out. Everyone is aggravated. The lender yanked the listing from the listing agent, my buyer lost the home she was really excited about, and now I get to begin showing her properties again, if she sticks with me. The lenders excuse is that they were not going to accept another contract until they take the property back through foreclosure to clean up the title. My buyer was willing to wait. My question was "why then did they even negotiate with us and verbally accept our offer?" Banks - they are a beast all their own...
I've got another deal that's supposed to close this Thursday. The sellers have already moved to Ohio. Now we have a title issue on this one and may not be able to close for several weeks until we can get one of the sellers lenders to issue a release. Our title company has really been working on this one, but the lender isn't getting in any hurry. That's the problem when people borrow several times against the equity in their homes and have different loans. This loan they have paid off already, but it didn't get recorded correctly, so now we are having to scamble to get this taken care of at the last minute. Banks - what a pain...
And I had a potential seller/listing hang up on me tonight. I guess I won't get that one. Some days you can't win. I should have just stayed at the campground...
Following are two pics from Rockbridge. It was dusk and a layer of fog was developing over the spring-fed creek. It was really something to see!
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