A term I’ve learned during this process of buying/selling and moving is “Due Diligence”. That’s one my excellent real estate agent in Scottsdale; Audrey Tolley , introduced me to during this time. Basically it means that your agent will make sure all of the steps required to complete the sale are performed in a timely and ethical manner. Audrey and our loan processor in Phoenix have completed all of them and followed that “Due Diligence” process. Last Thursday I flew to Phoenix and was picked up at the airport by Audrey so we could do the walk-through on the house there. It was really great to see it again and the excitement Diane and I have about the upcoming move was re-kindled!
While waiting for my return flight I received a call from my agent here in Las Vegas, Susan Daichendt. She informed me that our contracted close of escrow date could not be met due to the fact that the agent for the people buying our house hadn’t performed his duties which I’ve referred to as “due diligence”! These are things that I’m learning more about than I ever thought I would such as underwriting of loans, setting up inspections, being upfront with all parties involved in the loan process, etc. I won’t name this person yet but if you’re planning to make a real estate transaction here in Las Vegas contact me and I’ll tell you who not to use. There’s a definite question of ethics as related family members are involved in both the sale of our home and the financing. There may be a real estate attorney in the future but as of now Diane and I want the house to sell so we can get back on our schedule to move.
So, where do we sit? Well not too well! In my last blog I shared the trials and tribulations with you about loading up the first PackRat with half of my tools and our belongings. That one was picked up and is now in storage, by the way it weighed 6200 pounds. We put the rest of our stuff in the second PackRat you see in this picture leaving a space for our mattress and the last minute stuff we knew we’d need until our scheduled time to leave Las Vegas this morning. We’ve contacted the president of the loan company to see what can possibly be done to expedite that end of the process. The buyer’s agent hasn’t been forthcoming or timely in answering emails and phone calls. We expect there to be an addendum to the closing date on Monday and will see if it falls within a time frame that’s acceptable to us. Due to this agents lack of “due diligence” he’s affected many peoples lives. From what I understand, our buyers are living with friends and have already transferred their mail to our address! We have several pieces of mail waiting for them when the deal goes through, hope it’s nothing critical.
We’re down to this:
We canceled the pickup of the second PackRat so we can keep the mattress to sleep on until the sale finally goes through. Although we’ve been offered places to stay from family and friends, with the dog and cat staying here seems to be our best option. We’ll hang in there and see what Monday brings, that was the contracted Close of Escrow date so we’re expecting an addendum from our buyers. In the meantime, Diane and I are just doing the best we can in this less then ideal situation and putting faith in these words:
I’m sorry to hear that you and Diane ate going through all of this. Please let me know if I can help out in any way. Also, I hope you don’t need an attorney, but if you do, one of my best friends is a lawyer and does real Estate Law.
Good luck my friend, Dave
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This experience has been a real character builder. Hoping for the best this coming week!
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John and Diane, not tying to defend anyone as I don’t know the circumstances. Very often things are held up by the ever changing loan process itself. The requirements change so often the underwriters and processors are inundated with recruitments which are further subject to interpretation by the underwriters. So much fear is in that industry since the last crash that there decision making process is under intense scrutiny. This of course makes all those down the line look bad. I was in the loan business for quite some time and this is the reason that I am not anymore. It gets tiring to have great buyers put through the wringer over and over again Someday over coffee we can share some stories. Hoping things work out for you.
I can’t offer any advice, but I can offer sympathy. I dealt with similar when I bought my current house, but it wasn’t the agent that was the problem. It was the seller (not the sellers agent or attorney, the seller himself). Long story, but short is they refused to let due diligence occur, and refused to allow required inspections to occur (CO, insurance, etc)
Oppose this to a kid that used to work or me. He said that buying his house was easier than buying his car. Go figure.
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