Under Contract But Not Closed – Why?
April 3, 2018
Under contract but not closed.
Folks, I’m not one to complain, but sometimes we just have to blow off steam. The journey to buying a home that needs renovation to the day it gets sold is long and varied. We all watch the HGTV and DIY shows on television and dream of taking a home that is in some state of disrepair and restoring it to its former glory. It’s fun, it’s exciting, it’s time consuming, and sometimes we make a little money if we do it right. But, back to my original statement…time to blow off some steam. This journey is not for the faint-of-heart and definitely not a journey for someone who already has trouble sleeping at night and is adverse to risk. So! Here’s the current story in our renovation journey…
We were supposed to close last Friday. It has not happened, and there is no clear date as to when we will close. We listed this charming bungalow that we have invested a lot of time and money into to make it beautiful for a new homeowner. After 11 days, we went under contract with a 30-day close. 30 days have came and went. All the while, we are paying a hefty interest rate, utilities, and watching the home so that nothing happens to it.
What’s the hold up? Well, apparently this lender does not have their ducks in a row so-to-speak. They have tried to blame it on the appraisal, but the appraiser had his work done more than a week ago. Then, they tried to blame it on the sellers (us), but every time they have asked for anything, we have responded within 2 hours to their request. The borrower? I do not know for sure, but they have always been very responsive if I asked any questions and have done everything they can to make sure they close on time. They have had a to rent another place while we are waiting on the close. This just leaves the buyer’s lender.
Lesson learned here:
Make sure you have a reputable and responsive lender.
That said, I do not believe there is anything that we, as the sellers could have done differently. There are just some things that we are not able to control. Keep this in mind when purchasing a distressed property. There is risk and it can be costly, but when it’s all said and done, hopefully we’ve made a little money.
The Way Investments:
Changing neighborhoods one beautiful home at a time
Please leave us a comment. If you are looking to sell your home, we will get you an offer in 24 hours. Email us at [email protected] or give us a call at 816-866-1332. We can help. The Way Investments is a Christian company developed to invest in real estate.