Wednesday, August 24, 2016

well, this is interesting.......

Hmmm...this new "news" is a bit interesting. We are still waiting for the termination paperwork that was supposed to come this afternoon to cancel the sale, but in the meantime we have decided to relist our house and (of course) find a new agent. DH grabbed all the realtor business cards that had been left when they showed our house and just picked one to call. Turns out it was the agent who we had the other offer from - the one we got at same time as this one we accepted. She said her client really wanted our house and was so disappointed, and now has an offer on another house they are closing on soon....but get this....she said that her client was a conventional financing buyer, not FHA. We were told it was also FHA! I still have the email/paperwork on it from our agent stating that. Honestly, if had said conventional (even though it was about $2500 less than other offer) we would have taken that offer over an FHA buyer, for sure.  She also said at the time she knew there was another offer in and told our agent they were willing to "put their best foot forward" on it, but our agent kind of blew her off! OMG.

back to square one

Just got email that the buyer's termination will be sent over soon. I did ask about being reimbursed for the foundation inspection.....another one of those things that our agent didn't know what she was doing and told us we had to pay and have done (which we did) and turned out it was definitely a buyers expense and we were then told we would be reimbursed for it at closing, which I was fine with.  But, I would like to still be reimbursed for it, especially since I should never have had to pay for it to begin with.  It was $350 and DH had called 3 places and this was the best price. The others were $400-$450.  When we found out (from the inspector himself) that it was a buyer cost, our agent's reply as always "well, I didn't know......".  If the situation were reversed I sure wouldn't hesitate to make sure I reimbursed them for it. I'm sure my agent is hating me even more right now for even asking for it

Now we need to figure out what next..........I'm too tired right now to even think straight :/  I'm taking off Friday and Monday, just to try and recoup and get some of my energy back.

Another day

I'm sure you all are as sick of hearing about my problems as I am living them :/  But this is what I am going through in my life right now, so guess that's what you get, for now.  Sorry.

After we spent Monday with our agent saying this was all just a simple fix - she'll just do the LLC paperwork for the well owner, it'll cost $200, she'll pay for it, all be done in a week, she just wants her real estate attorney to review it for the new well agreement that has to be done up for everyone to sign.  Then we spent Monday having to deal with trying to talk the well owner into doing it in the first place.

Yesterday morning the agent calls me up and says "ummm...I guess this is going to be very complicated to do an LLC. I talked to my attorney and he's going to look into it more this morning, but not sounding very good". A bit later she forwards me an email from him. Basically, it can't legally be done because the well is on a separate property from the well owner's property and making it an LLC, since the well is not on it's own tax parcel, would be considered an unlawful subdivision of his property. Not to mention all the property owners will need to be a part of the LLC (which I know well owner will not want to do) and if even one of them didn't want to be on it, then it couldn't be done. Also, everyone's current lenders would also have to approve. It would cost thousands and likely take months.

Of course, extremely disappointing, but it is what it is. It might have been a bit easier to take our hopes being dashed again if my agent hadn't gone all PollyAnna gungho that is was no problem to fix, and instead had just said "hey, before I just assume this will work and we spend all day dealing with your well owner, let me first get all this by my attorney and see what's all involved". But, that is not how she works. She just says everything is no problem and can be done and then when it can't she just says "oh well, I didn't know".

So, at that point we have reached a dead end, have we not? We have been repeatedly told the buyer has no other option to finance other than FHA. I emailed my agent back that said apparently we've reached a dead end with all this, so unless buyer can get new lender/financing, we are going to be done with this and she can come and remove the keybox from our door.

On my way home from work the buyer calls me (this is fine, we have been keeping each other up to date on all this! she is the one I found out about the water well problem in the first place) and says that her agent was told our agent got an email from my DH that we have decided we are done and not going to pursue the LLC. She didn't understand why we'd change our minds, she'd be willing to pay half of the cost.  I said well, sort of.....didn't you guys get the explanation from the attorney as to why this LLC isn't going to work?  Apparently not, they were just told we've found out it was going to be too cumbersome and expensive to do, so we decided not to do it.  So, I explained to her all what the attorney said. I was pretty mad that our agent made it sound like we were just deciding to back out of the LLC fix, like it was our fault!

I left our agent a message that I wasn't very happy that they weren't told the exact reasons for the LLC not working. Then I called up buyer's agent and explained it all to her and as soon as I explained the issue with the well not being on well owner's property and the legalities involved she completely understood. She also said she was not forwarded the email from the attorney with the explanation as to why this isn't going to work.

My agent then called me back........with her usual response "well, they must have misunderstood me". And a comment that "I can't seem to please you". I said No, we are not pleased right now! We've been trying to sell for 4 months, 2 sales have failed and we done everything possible, including spending almost $6000 on a new roof, after price had already been negotiated, just to make sure there would be no issues at all for the buyers to finance FHA and not cause any delays. Then she sent the other agent an email (cc'ing me) that sorry for the misunderstanding but  It's not that the Sellers are unwilling to pursue the well issue, it's that the process is much more cumbersome and expensive than they thought it would be.

I replied back to both of them that I'd like to make it clear to all parties that first off, at no point and time did WE ever discuss paying ANY of the cost of the LLC, in fact you told us yesterday you were paying for it, so the issue of what it cost had no bearing to us one way or the other. Secondly, based on the information provided by the attorney, we unfortunately really have no choice but to not pursue trying to get this done to close this sale. So yes, at this point, unless Buyer has other financing options, what option are we left with, other than to be done with it?

My agent replied back that Yes, you are right about all of your points......but she only replied to  me, not the buyers agent, who she had started this email chain to in the first place.

Sitting here at this point just waiting for buyers agent to send termination paperwork. Not really sure what they are waiting on.

On a semi-good note. At 10:30  last night we hear a helicopter fly over very close with our area all lit up. Then we see sheriff car lights all over the place down at drug dealers behind us. Got an email from a Lt. later last  night that one of the son's was arrested (again) on his court ordered domestic violence warrant and it's $75,000 bail.

The newest renters at the end of our street appear to be an older couple and so far pretty quiet, though it appears drug buyers still keep trying to go to this house because it had for 3 years been known as a place to buy drugs. And slumlandords "people" keep coming back to empty the container and big shed off all the stuff (i.e. stolen crap) that is still left in their by previous tenants and all the extra people they had living there with them.

Monday, August 22, 2016

Keeping fingers crossed

The well owner called back early this evening and had a change of heart and has agreed to do it. I think between the explanation my agent gave her and she probably talked to her daughter (who lives with her) once she got home. Let's hope she'll go through with it. My agent is taking her the papers tomorrow and then also has to get each property owner to sign a new well agreement. That will probably take the longest part of it.

And as sluggy commented in my last post, she will have to do an annual LLC fee.....I think it's $39. I think that's the yearly fee I pay when I renew the one for the company I work for. Not gonna mention that, like Sluggy said........

She is 82, but she is actually very smart and sharp. She knew exactly what an LLC is(she used to have her own businesses years ago). She's just tries to play dumb so that she doesn't have to do stuff or take care of stuff.

Hopefully my agent will have it all taken care of by tomorrow or Wednesday and we can get past this. At least there aren't really 9 people that need to sign the new well agreement. There are 6. Well owner is one property. Her daughter that lives with her owns another lot, her son (the one with the meth and heroin dealing going on), slumlandord/junkyard guy owns 3 lots, we have one and our one good neighbor has the last.

Keep your fingers crossed for me.

No cooperation

Final word is that unless our well owner will make her water system an LLC, FHA considers it a shared well, and not a community well.  So, my agent asks if I think we could get her to do the LLC. I said not very likely. I had to beg for her to write up a 2 sentence statement stating she owns the well and it is not a shared well (hoping that would suffice for some "proof").

I told my agent it would probably be better if she called and tried to ask and explain it to her, especially since my agent is saying she will take care of getting it all done for the well owner. My agent left her a voice mail.

Then I called well owner, thanking her for the signed little statement, but unfortunately the lender won't accept it, it has to be an LLC. Remember, this is like an 82 year old woman. "well, I'm just not going to do that. I'm not ready to make it an LLC, at this time. Maybe some day. I don't have the money to do it (the real reason she is saying no)". I told her the cost would be covered for her (agent said it's like $200) and our agent wanted to take care of the process for it for her and that our agent had left her a voicemail about it a little earlier.  "yes, well, I got that voicemail but I'm just going to ignore it. I don't want to be bothered having to do an LLC right now".

Obviously, it is something that is probably overall in the best interests of the well owner, to protect herself, to have this an LLC, rather than the chance of getting sued by one of the property owners. Plus, like our agent said, she is tying the hands of all the property owners who might want to sell down the road and won't be able to market to include prospective FHA buyers. My agent said all the work for it will be done, the well owner would literally just have to do a couple of signatures for it. I told my agent, if she didn't leave a very detailed message the first time, maybe she'd try again and let her know this specifically.

She sent her an email with all this info. Offering to pay for it and do all of it and also stating that it's in the best interests for all the property owners to be able to offer their property for sale down the road to FHA buyers.  We'll see.  I guess if she does ever agree to it, it would only take about a week to get completed.

So, at this point it's looking like it's not going to happen.

it's all just stupid

Still no resolution to our water well situation holding up the closing of our home sale.

Of course we find out at 5:10pm Friday what is going on. From the email chain my agent forwarded me, apparently it was decided at 3:45pm, by the underwriter, that proof that the water system is an LLC would apparently be what they need to show this is a community well and not a shared well.

Well, any idiot could have done a very quick 2 minute online search to see if there is an LLC registered. They could have figured it out right then. Of course, no one at the bank or the agents do that. No, by the time the info gets to me it's after 5pm. I did the 2 minute online search (as I assumed the lady that owns the well does not have it incorporated) and found nothing. Then just to double check, I called her up and she said "what? No, it's just me, the system is in my name with the county, no corporation".

And of course, now being after 5pm and on a Friday we were left sitting through the weekend, yet again. After letting my agent know (and a text to the buyer) that there is no LLC, so now what? I emailed my agent again, asking - can't the owner of the well just write a letter stating that she owns the well and none of the other 8 homes she supplies water to are responsible for the well cost or maintenance? Of course I got no reply back.

The buyer did call me, too. She is as frustrated as I am. She said she was told, even if they figure ths out early this week, it's not likely we will close this Thursday (or even Friday) as planned. So then what? If by some miracle we do get to closing at a later date, I am not moving out of here until it is a done signed deal. I don't trust any of this anymore. And, if it ends up being a later closing date, I really have no idea WHEN we will actually be ABLE to move. It needs to be on a weekend, because we have family and a friend helping. I will also have to change my reservation for the U-haul (we are renting the largest 26' one) and can I really expect to get one reserved with just a few days notice now? (I had already reserved one for this coming weekend 2-3 weeks ago). And, if we have to reschedule the trucking company that has been scheduled to haul our 53ft trailer loaded with our possessions, who knows if they can do it with just a few days notice. Let alone, the next weekend is a holiday weekend.

Excuse me while I got throw up my breakfast...........

Friday, August 19, 2016

Partial update

Still no word yet (so much for 24 hours, eh?). Still no answer from my agent on my (repeated) question of whether or not the buyer is still trying to work on conventional financing, if the underwriter still says no on the FHA loan.

So, last night I texted the buyer. Asked her to let me know if she hears anything because my agent is out of the country and probably won't get me the message right away. Then I went ahead and asked her if she was still working on trying for a conventional loan if this FHA falls through. She is not. She said she does not qualify because she had a short sale almost 4 years ago, and is not past that time for it not to be considered.  Poor lady, she said she is so stressed she can't eat or sleep. I said we have the same thing going on on our end, except it feels double because we are trying to sell and buy at same time. It's no fun.

Well, at least now I know. I'll bet my agent has already known this info......

Hopefully we will hear today and not have to spend another weekend with no answer.