I have not heard anything back today so I’m guessing the Arizona couple are not beating down the door.
Yes I signed all kinds of disclosures including airplane noise. Thankfully the planes were on their normal path yesterday when buyers were coming through.
I’m very focused on the appraisal issue today and spending too much time trying to figure out if we will be able to close April 6
Actual quotes from the disclosure for our new house: “Neighbors have dogs.” “Street has fast drivers who use it.” I shudder to think what we would have had to disclose about our current house; there’s a park at the end of the street with a playground and athletic fields and elementary school across the park. Noisy birds and chipmunks. Cicadas every 17 years. Annual Fourth of July parade ends a block away. Annual Homecoming parade goes down the next street. Not to mention everyone who thinks the park is the perfect place to set off illegal fireworks throughout the summer.
One more quote from the disclosure: “Property has pool equipment that makes some noise.” So much better than snow blowers!
Marilyn, hilarious disclosures. I’m assuming everyone who has viewed my property knows that there is airplane noise. For some reason it didn’t bother us at all for 6 months when we were working on the property. I never once had to stop a conversation or stop a phone conversation because of a plane going over. But as soon as we started having showings it became very obvious to me, especially the day that all the planes were taking the alternate 250 path very close to overhead!!!
Buyers from Arizona are writing a back up offer today!!! They want the house. Because I didn’t hear anything yesterday I had assumed they passed on the house.
Still waiting on pins and needles to see if the appraisal even arrived at the bank today. Noone knows yet.
Still waiting for the dang final Request for Repairs to get submitted, even though all items have passed inspection. But, it’s a formality that needs to get signed by both parties before they will release the physical inspection contingency. They had better release that contingency today!
You’d be very careful about how much the down payment % for the next offer. If it is 50% or more, the bank would like to do the deal and they are going to ask the appraiser to jack up the value so they make a loan. if the down payment is 20% then the bank will ask the appraiser to be conservative. Appraisal is very subjective, as I have explained in my mom’s apartment, one, when the appraiser skin is on the line is almost 50% less when the apartment has been sold.
In my mind the unconnected bed and bath could be accounted for in the sqft, if the bank has not rejected, it is matter if the bank want to do the deal or not.
cb, I hope the back-up offer is at least as good as the first one. If so, you’ll have no reason to grant an extension to their contingency, right?
Go Zonies!
In Ca, the seller has less power to cancel the contract, even the contingency is not released by the buyer, you have to send notice after notice, if the buyer do not sign and you sell it to a third party, you might be in a law suit whether you are right or wrong.
Yay!! Hope your realtor rattles the current buyers chains. Time for them to sit or get off the pot.
In this specific case it’s not really the Buyer’s fault (except for physical inspection contingency which is dragging on too long). The dang appraisal has just not shown up yet so everyone is stuck at this point.
Going to try my hardest to get the new offer signed with ‘No appraisal contingency’ or a large down payment. The large down payment will make up the difference and no one will need to worry about an appraisal.
^^^Excellent.
Appraisal is at lender. Have no idea what value it came in at. All we know is ‘Yes, it arrived and we have accepted it’.
Oh brother. And the releases? Have they been done??
I am rooting for,the AZ couple.
I believe that my agent is meeting with the AZ couple right now, but I don’t know any specifics of the offer at all. Offer may not be what I would hope it to be anyways.
No releases yet, although I did receive the final Request for Repairs and that is all signed and closed up. No additional requests beyond what was already fixed and the agreed XYZ foundation epoxy. They did remove all the other stuff that was erroneous, open ended or I refused to do during the back/forth verbal negotiations.
It sounds encouraging. Best of luck!
IIRC, the Chicago couple has until Wednesday to get their loan. So with the appraisal finally at the lender, it’s possible all will happen on time, and the Arizona couple will be disappointed. But @coralbrook will be happy. Fingers crossed.
ETA: In looking through old posts, I see the Chicago couple has until tonight to release their appraisal contingency. I assume they know what the appraisal says, since they’re the ones who got the appraisal.
I just received an update that the appraisal came in at value. Geez, all my heartburn and stress was for nothing 
I honestly have no idea how an appraiser came up with the full value working with only a 2bd/1ba 1140 sq ft house with a 160 sq ft Accessory Structure / bath. But thank goodness she did!
I should expect contingency release for Appraisal and Physical Inspection any moment now.
But, of course, now the Lender is coming up with a bunch of documents needed at the end of the game. Just had to sign a contract ‘addendum’ stating that the personal property included in the purchase agreement has no value. I had thrown in the white outdoor dining set and the Milk Delivery Box. I guess the bank has to make sure that Buyers were not adding an additional $5,000 to purchase price to get the valuable Milk Delivery Box which could walk away from their asset they are loaning against. Geez
In reality, any homeowner could walk away with a lot of valuable stuff that was included in the ‘asset value’ of a home. I have purchased many foreclosures where the house was stripped of everything the homeowners could yank out of the walls - depreciating the value of the bank’s asset. They don’t ask for special addendums if appliances are included in a purchase contract??
Funniest thing I saw was someone tore out the carpet and the outlet receptacles. What exactly are they going to do with used electrical outlets (and judging from the condition of the rest of the home, those outlets were probably pretty disgusting)??? Sell them on Craigslist???
Every single foreclosed home has no appliances. I spent months combing Craigslist trying to find all these loose appliances that were taken out of the homes. Never really found ‘appliance package for sale’ that seemed to fit these profiles. Where did all these appliances go? Are they sitting in storage units somewhere? Did a whole lot of family members need a new stove?? Always was a mystery
Scrap metal?
Great news! Sounds like everything is moving along swimmingly! Put the AZ couple on yr mailing list … Tell them you may have additional props coming up!