LakeTravis
Recycles dryer sheets
Got a full price "cash" offer on my lake house that I accepted on July 24th.
Contract close date was set for August 23rd although the Buyer wanted to close quickly - in 10 to 15 days.
Papers drawn up, buyer already had a title company ready, but wait - he needs to run everything thru his attorney.
Now almost a month later, I don't even know if we are going to close. The title company issued a policy commitment weeks ago, which was reviewed by the buyer's attorney who then replied with an Objection Letter to several of the items in the title commitment, all of which were resolved with the exception of any defects in the survey which had been ordered but not yet received.
The survey was delivered to them last Wednesday, the 14th of this month. It was the last document the attorney was waiting to review.
They have the sooner of 10 days from the date of receiving the survey or the closing date (this Friday) to supply any additional objections.
My agent has contacted the buyers agent on a daily basis and the only response back has been "the Buyers attorney has asked me to inform you that the Survey was received on the 14th and we are following the terms of the contract regarding title review and closing."
I'm fully anticipating that I'm going to get another Objection Letter on the last of the 10 days, objecting to what I don't know, but which then opens another 15 day window for me to either cure the objections to their satisfaction or - if I don't - they can waive the objections or cancel the contract and be refunded their escrow. As of today, three days before the contracted close date, the title company can't get the buyer to respond to a request to schedule closing.
At this point, I feel like they are stalling for some reason. The silence and lack of communication is certainly unprofessional and inconsiderate, to say the least.
I'm offering all of this as a caution - "cash" buyers are not necessarily accompanied by positive attributes.
Contract close date was set for August 23rd although the Buyer wanted to close quickly - in 10 to 15 days.
Papers drawn up, buyer already had a title company ready, but wait - he needs to run everything thru his attorney.
Now almost a month later, I don't even know if we are going to close. The title company issued a policy commitment weeks ago, which was reviewed by the buyer's attorney who then replied with an Objection Letter to several of the items in the title commitment, all of which were resolved with the exception of any defects in the survey which had been ordered but not yet received.
The survey was delivered to them last Wednesday, the 14th of this month. It was the last document the attorney was waiting to review.
They have the sooner of 10 days from the date of receiving the survey or the closing date (this Friday) to supply any additional objections.
My agent has contacted the buyers agent on a daily basis and the only response back has been "the Buyers attorney has asked me to inform you that the Survey was received on the 14th and we are following the terms of the contract regarding title review and closing."
I'm fully anticipating that I'm going to get another Objection Letter on the last of the 10 days, objecting to what I don't know, but which then opens another 15 day window for me to either cure the objections to their satisfaction or - if I don't - they can waive the objections or cancel the contract and be refunded their escrow. As of today, three days before the contracted close date, the title company can't get the buyer to respond to a request to schedule closing.
At this point, I feel like they are stalling for some reason. The silence and lack of communication is certainly unprofessional and inconsiderate, to say the least.
I'm offering all of this as a caution - "cash" buyers are not necessarily accompanied by positive attributes.
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