Well it's finally over NF

[Big Cliff]

Our house on the lake is sold and we are moved into our new home. It wasn't without it's problems though;

 

Sue ended up spending 5 days in the hospital a week before the movers were due to arrive, stress and over exertion with only 30% heart function will do that to you. She is doing much better now

 

I don't like leaving things to the last minute so I'd arranged for the movers to move our stuff out on Sept. 1 (closing was Sept. 7) and store it until the 8th. I wanted cleaners to come in and do all the things we have a hard time doing (top of cupboards, behind the stove and fridge.....) arranged to have the lawn cut and trimmed so the new owners would have everything done up to date. As some of you know from my 1-800-Got Junk post there were a few hiccups but thanks to help from friends those were minimal.

 

Sept. 7 (our closing date; Our lawyer calls: Our buyers need an extension until the 9th. (we are closing on the new place and the movers are delivering our furniture on the 8th).

 

Major panic: I'm working and won't get home until late; call our vendor and explain what is happening, offer to pay rent of $100.00 a day if they will let us move in on the 8th. sign a waver.

 

Friday the 9th, lawyer calls , our buyers need another extension: our buyers, buyers thought they had pre-approved financing (they did but conditional but didn't realize it) now they need until the 16th.

 

This time I had our lawyer contact our vendor and explain what was going on and agree to continue paying the $100.00 a day rent (this was getting charged back to our buyer as a condition of the extension). Our vendor very kindly agreed. (whew)

 

Friday comes: our lawyer will call us as soon as the funds are in our bank account so we can close on our new place.

 

2:00 pm no call so Sue phones: everything is in the works should be done in an hour:

 

4:30 Sue calls again; our buyers lawyer still hasn't shown up.

 

5;00 pm the stress is going through the roof! Finally our lawyer calls, he is sending one of his staff over to our bank right now with the funds, we meet her at the bank, deposit, withdraw and head for the meeting with our vendor to close.

 

I learned a lot from this whole process! A deposit doesn't mean that if a deal falls through you get that money, you will only ever see it if both parties agree and sign off on it. In most cases if a deal fails the buyer will agree to sign off on 50% of the deposit if you will do the same. A deposit of $5000.00 sounds like a lot but $2500.00 won't even cover your expenses should a deal fail.

 

There were a lot more lessons learned through this whole process, far too many to try and share here, I guess the most important thing is that we are in our new home and love it and I am finally going to have some time to get out and do a bit of fishing.

 

 

 

 

[John]

Glad you and Sue are in your new home. Just a heads up that most agents and their seller clients are asking for much larger deposits than they were 20 years ago. $25,000 to $50,000 on homes in the mid to high 6 figures. Unfortunately hiccups do happen on closing (mostly agents and bankers faults) and I have found a little patience and a few scotches works wonders..

[bigcreekdad]

Hopefully life will get way better now Cliff. Go fishing!

[Old Ironmaker]

I am so glad you two made it through this process relatively unscathed. It is no fun to say the least especially when you cut it so close and require those funds to buy another place. Flipping a house is much less stressful when you don't have to move.

 

First Cliff never use that lawyer again, he gets the big bucks to find simple things like conditional financing, that's Real Estate law 101. I even know that, what if they couldn't get the cash? you might end up being the lender and then dealing with that issue every month. Buyers know exactly what their financing is, especially if credit ratings are such that conditions apply for them. That's bull poop. That Lawyer is fired.

 

I can't say no one cleans like that when they move out, most don't though. We do I know it's just the way we were raised way back when. Usually they will leave a truck load or more of "stuff" in the yard because you have more time and money than they do. I always make sure that it is in the contract they will be charged to take their garbage and unwanted furniture at $50.00 per hour per man plus the price of any rental required and a deposit specifically for that is held in trust. You should see what people leave for you.

 

Women? They will work themselves to the bone regardless of their health God bless them. But we worry ourselves sick when they do that. They all share that female gene. You can ask them to take a break there are people to help but that means exactly nothing. If they don't do whatever it will never get done, the proper way. Micro manage to the max. Just on Labour Day when our friends held the Golf tourney fundraiser, Fay is going around unloading garbage cans and hauling it to the back 40 and she has a dozen young women to do exactly that. She's 77 and had back surgery in the spring after she fell off the kitchen counter top cleaning the tops of the cabinets. I didn't even know there was such a thing. I told her the girls were getting pissed off, she stopped for 10 minutes and then started cleaning off tables.

 

Again we are happy you got through this now go and enjoy your new home.

 

 

[ketchenany]

Cliff glad it worked put. I've moved 4 times and it always went smooth, butbyounnevr know.

 

Take a rest and take in the new place.

Edited September 18, 2016 by ketchenany

[Big Cliff]

I am so glad you two made it through this process relatively unscathed. It is no fun to say the least especially when you cut it so close and require those funds to buy another place. Flipping a house is much less stressful when you don't have to move.

 

First Cliff never use that lawyer again, he gets the big bucks to find simple things like conditional financing, that's Real Estate law 101. I even know that, what if they couldn't get the cash? you might end up being the lender and then dealing with that issue every month. Buyers know exactly what their financing is, especially if credit ratings are such that conditions apply for them. That's bull poop. That Lawyer is fired.

 

I can't say no one cleans like that when they move out, most don't though. We do I know it's just the way we were raised way back when. Usually they will leave a truck load or more of "stuff" in the yard because you have more time and money than they do. I always make sure that it is in the contract they will be charged to take their garbage and unwanted furniture at $50.00 per hour per man plus the price of any rental required and a deposit specifically for that is held in trust. You should see what people leave for you.

 

Women? They will work themselves to the bone regardless of their health God bless them. But we worry ourselves sick when they do that. They all share that female gene. You can ask them to take a break there are people to help but that means exactly nothing. If they don't do whatever it will never get done, the proper way. Micro manage to the max. Just on Labour Day when our friends held the Golf tourney fundraiser, Fay is going around unloading garbage cans and hauling it to the back 40 and she has a dozen young women to do exactly that. She's 77 and had back surgery in the spring after she fell off the kitchen counter top cleaning the tops of the cabinets. I didn't even know there was such a thing. I told her the girls were getting pissed off, she stopped for 10 minutes and then started cleaning off tables.

 

Again we are happy you got through this now go and enjoy your new home.

 

Their offer wasn't conditional on financing but that didn't help when they couldn't come up with the money. My choice was to give them the extension or kill the deal and start all over. Yes I could have sued them but I would have had to walk away from this place then I could have been sued........

[misfish]

It all worked out in the end. Your getting settled in, and both you and Sue are under a new, and Im sure, a happy home.

 

Grats to the both of you.

 

Now relax and go fishing will ya. LOL

 

B

[woodenboater]

Hope you don't have to go through this hassle again and yes the buyer done screwed up. As did your lawyer. With the market we're in, sellers are in the driver's seat for the most part and many buyers are waiving conditions (home inspection etc.) but I would never budge on financing as a seller. Has to be conditional as it affects you if they don't come up with it. Most smart buyers will get pre approved so there are NO surprises and it makes it a better offer if financing is cleared up from the start.

 

You also did good to clean the place up for the new owners

[FloatnFly]

isn't it funny how someone elses problems suddenly become yours when home buying and selling?

 

glad you guys got it all settled out and you are in your new place! now the fun begins of 'where did i put that' lol

[AKRISONER]

cliff...

 

i just sold my house, the deposit was $50,000....

 

i would questioning your lawyer or real-estate agent about what the hell they thought they were doing...

 

5,000 deposit doesnt mean crap if you just bought a new place and need the funds to pay for that house....something seems very very fishy about the entire situation here.

 

and this whole extension garbage...if someone asked me for an extension on closing id just take the 25 grand and wait to sell to someone else.

Edited September 19, 2016 by AKRISONER

[porkpie]

Last time I sold my house it was in the north GTA. Deposit was 25k. When bought my house in the sticks I paid a 5k deposit and that was on the high side. Houses routinely sell out this way with 3-5k deposits. The market is becoming more competitive here but the deposits are nowhere near what the GTA commands. Different speed.

[fish_fishburn]

When things go wrong at closing its 99% of the time the lawyers fault. Not doing their job. Don't blame the Realtors for everything sheesh.

[woodenboater]

In Toronto, HUGE deposits and few conditions are what buyers need to win now. The old days of 'conditional on home inspection' are waning...

[Big Cliff]

When things go wrong at closing its 99% of the time the lawyers fault. Not doing their job. Don't blame the Realtors for everything sheesh.

Our lawyer and his staff were amazing through all of this providing guidance and advice every step of the way. Our agent too did everything he could to try to help us, even offered to let us stay with he and his wife if necessary!

 

Even our buyers were doing everything they could; the problems all went back to their buyers.

[Mister G]

Lawyers / Realtors / Politicians / Snakes................all the same..... you never see skid marks in the pavement when one is run over......

[Tjames09]

where'd you move? still in Lindsay?

[Big Cliff]

where'd you move? still in Lindsay?

Yup, Riverwood Estates Just South of town. I am now (at least for a while) a shore fisherman

[Beans]

Yup, Riverwood Estates Just South of town. I am now (at least for a while) a shore

 

Welcome to my club Cliff...With the aid of my electric scooter and garden wagon I can get down to our park and fish from shore...

 

Better than not being able to fish at all...LOL

[DanD]

Lawyers / Realtors / Politicians / Snakes................all the same..... you never see skid marks in the pavement when one is run over......

Careful man that's painting a few professions and all those in with the same brush.

My daughter is a personal injury lawyer. She goes to court battling insurance companies who are trying to get out of pay claims.

I still tease her calling her an ambulance chaser; but some of the tid bits she has told me of her cases.

There are a lot of happy people that she was there to defend them.

 

Dan.

[Big Cliff]

Careful man that's painting a few professions and all those in with the same brush.

My daughter is a personal injury lawyer. She goes to court battling insurance companies who are trying to get out of pay claims.

I still tease her calling her an ambulance chaser; but some of the tid bits she has told me of her cases.

There are a lot of happy people that she was there to defend them.

Dan.

That's so true! In every profession there are good and bad! Painting all of them in any group with the same brush is dangerous Edited September 22, 2016 by Big Cliff