Closing was scheduled for today. However, we received discouraging news yesterday. The title company emailed everyone stating that they needed documentation showing that the "federal estate taxes have been satisfied" or ""maximum estate value was not met". This is all on the seller - it has nothing on us. I heard that the seller's agent is pretty upset with the title company, because they have been telling her everything is set, that they are good to go and then at the eleventh hour they pull this crap.
So, we waited while our agent, the seller's agent, title company and our bank tried to come up with a solution that worked for everyone.
This morning, the seller's agent asked to extend the contract until June 6. The lawyer(s) for the seller need fourteen calendar days to come up with the required documentation for the title company. The person who owned this house apparently had a lot of stocks and passed away on a weekend. So, they have to determine the value of the stocks at closing on Friday and the value at opening on on Monday and then the value is the average of the two? It is all mighty confusing!
The sellers offered to pay the fees to extend our rate lock if needed. If the sellers were to terminate the contract at this point for whatever reason, we would get all of our money back – earnest money, inspection, survey and appraisal fees, etc., and etc. This tells us they do not want us to walk away any more than we want them to walk away.
So, we have agreed to extend the contract on the house until June 6th. Ah, the joys of waiting.
My advice to those looking for a house is to avoid estate sales unless you are willing to be patient and wait things out until all things get resolved. We are willing; although, it is with a little bit of impatience! Ha!
I know it is disappointing. I am always anxious to get settled into a new house. Just keep in mind what a wonderful home you will have when all the waiting is over.
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