Reality really is much stranger than fiction!
In a well-worn cliche, that summarizes my clients' day yesterday.
All they wanted to do was buy their first home together. They got married this past summer and we excitedly searched for their marital abode. In the lovely community of Belmont Bay in Woodbridge, we found it. A great end unit townhouse at a great price. Just one problem...
It was a SHORT SALE. (Cue scary music -- Dun. Dun. Dah.)
I warn all of my buyer clients about the perils of getting engaged in the short sale purchase process. Between the delays, the required flexibility, waiting for bank approval, and other issues that can arise, buyers need to have a strong will to proceed.
Proceed we did. The offer was made on August 31st. It was accepted by the seller on September 3rd. Alas, we entered the abyss of the short sale purchase game.
Fast forward several months. The contract called for 60 days for bank approval and settlement 14 days later. Bank approval came on day 72! Then we find out that the seller has moved back in to the previously vacant home.
Negotiations ensue. You don't want to hear it all. Suffice it to say, there were numerous phone calls, e-mails, and late night strategy sessions. It was supposed to settle last Wednesday By last Friday, the transaction looked doomed. The seller was still in the house. My clients and my broker signed a Release of Contract form and we faxed it to the listing agent. No house... no sale... or so it seemed. Over the weekend we got word that the seller would vacate before Wednesday and let's go to settlement on Wednesday.
That brings us to yesterday.
December 10th. 9 a.m. Woodbridge. The clients meet me at the home for the final walkthrough with their truck pulling a trailer full of their belongings. They are visibly shaken as they recount a tale of a near death accident on Interstate 95. A woman in a small car cut them off on the highway almost causing their trailer to swerve which would have knocked her into the Jersey wall. It would have killed her and likely my clients. Only by the grace of God did a van notice the problem slow down and allow my clients' vehicle into their lane. Tragedy was averted.
Once my clients' pulse rates returned to normal, we methodically went through the home only to discover a missing washing machine that was supposed to convey. Uh oh!
At lunchtime, my client headed to his bank to obtain a cashier's check for settlement. What could go wrong? How about a bank robbery! Can you believe it? As my client's cashier's check was being processed, a bank just down the street was in the midst of being robbed. When one neighborhood bank is involved in a heist, the others in the vicinity go on immediate lockdown -- computers turn off, ATMs need to be reset, and commerce stops. Amidst the sirens of police and fire trucks, my client hears the crash of the robber's getaway car.
Hasn't he had enough excitement for one day? It's still 5 hours until settlement! Fortunately the check gets processed. Woe be to that criminal had he gotten between my client and that check. Did I mention that my client is a former U.S. Marshal with keen fighting skills?
Arriving at settlement, the settlement attorney asked "Is everything okay with the house?" Well, yeah, except for a missing washing machine. Oh boy! Almost 4 months of waiting and negotiating now hinged upon a clothes washer! It didn't help that the seller arrived to settlement more than 1/2 an hour late. Back and forth, back and forth, back and forth. The seller offers to buy a washer on Craigslist... then he comes back with an insulting paltry sum of money. More delay... more discussion. Oh yeah, and where's the listing agent? Not there. Some office assistant who I've never spoken with before in her place.
Finally, an agreement! Papers are signed. My clients have their new home. We never have to deal with the seller again. My thrilled clients and I head off to a celebratory sushi dinner to recount the events of the last 4 months and to discuss
The Tale of a Near Death Accident, a Bank Robbery, a Washing Machine & the Completed Short Sale
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