Closing on My Next Property, Back on Track
As I previously mentioned, I walked away from closing because the appraisal on the property was not complete as I had been led to believe.
A lot has happened since then:
Lender: After being handed off many times, I finally was connected with someone who took ownership of the issue. Recognizing there was a miscommunication on the lender's part, we were able to discuss how we could get this rectified asap. The lender offered to pay for an appraisal (no cost to me), extend the rate lock (which I don't need), and not charge any redraw fees for the loan. I believe I could press for additional concessions because I know the seller is surely going to ask for something, but as long as I get some indication the seller is not asking for anything unreasonable I think I will just go ahead with this so we can close asap.
The lender also reordered the appraisal and the property appraisal for more than the purchase price - sweet! Everything is ready to go as long as the seller is on board.
Seller: After being unresponsive to several emails and voice messages, the seller finally responded and still would like to close (ofcourse) and has asked me to pay for his carrying costs for the period (in the neighborhood of $100). Now that I have an idea about what my costs could be as a result of the delay, I will accept the lender's offer and get this wrapped up asap.
In the end it looks like I will be able to close and may come out ahead by a few dollars although the money wasn't worth the hassle of dealing with this issue. Definitely a couple lessons learned from this experience. I am really grateful everything appears to be falling into place.
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