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Sunday, March 20, 2011

April Fools Day...

As my previous post indicated the probability of this, our closing was indeed delayed once again. Most recently we were supposed to close on March 18, but now we are looking at April 1, or sooner (according to the realtor; we'll see about the "or sooner" part).

April Fools Day seems like a fitting day to close on what has become one enormous headache. I am beginning to wonder if we're even supposed to buy this property. We put in our offer on the property on December 29, 2010. It typically does not take three months to close on a house, but that's what happens when you get the government involved, apparently. We qualified for a USDA Rural Development loan, but it has caused one delay after another. We locked in our interest rate at 4.75%, but that lock expires on March 28. If we don't close by the 28th, we will be required to pay $20 per day to keep that rate, until we close.

The Bank has agreed to repair the damage to the water pipes, but they seem to be dragging their feet about actually getting anything accomplished. I'm starting to think that they don't really want us to buy this house. Since the Bank is responsible for the damage to the water pipes, thus responsible for causing this most recent delay in closing, the realtor will try to get them to pay the $20 per day fee for going beyond March 28...if it truly takes that long to close. They resisted paying for the damage to the pipes (which will cost $1,600 to repair, according to their estimates), but ultimately they agreed to. Hopefully they will be so "generous" once again. Then again, hopefully that won't be necessary.

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