Post by casualcollector on Sept 12, 2007 19:04:11 GMT -5
It's been a tough week in paradise after a dream summer. After two years of waiting for the local real estate market to calm down, I found a great home back in early June. Big garage, laundry room with a sink (read: darkroom) oh and three bedrooms/ 2 baths. Just what I had been looking for. I had money from the home I sold in Vermont and squirreled away a bunch more by living with my parents. The big down payment swayed the elderly owner to accept my offer.
Closing was set for July 18th. Unfortunately, the owner died before the closing. I was impatient for a month, awaiting word that the estate would go forward with the transaction. Word finally arrived and all parties hoped the will would be probated quickly.
Last week, the escrow company where the down payment had been placed closed with no warning. It appears the funds were diverted. Local police, Florida Bar Assoc. and perhaps the FBI are investigating. Hundreds of residents and several real estate companies are affected.
Yesterday I received an e-mail from my agent saying the seller's estate, upon learning of the escrow situation, wanted to place the home back on the market as soon as possible. Today, after considering my position, I instructed her to let the purchase agreement lapse.
I'll get some of the money back some time in the future. I have a good job. I can continue living with my mother and save some more. The life that was packed away and moved two years ago has to stay in boxes. The hobbies, the books, the old records and the collection of cameras will remain padded and bubble wrapped, waiting.
What seemed almost too good to be true three months ago turned out to be just that. Not karma, not bad luck, just an unfortunate confluence of events. Things will get better. Thank you. I feel a little better now. I had to get rid of it somewhere.
Bill
Closing was set for July 18th. Unfortunately, the owner died before the closing. I was impatient for a month, awaiting word that the estate would go forward with the transaction. Word finally arrived and all parties hoped the will would be probated quickly.
Last week, the escrow company where the down payment had been placed closed with no warning. It appears the funds were diverted. Local police, Florida Bar Assoc. and perhaps the FBI are investigating. Hundreds of residents and several real estate companies are affected.
Yesterday I received an e-mail from my agent saying the seller's estate, upon learning of the escrow situation, wanted to place the home back on the market as soon as possible. Today, after considering my position, I instructed her to let the purchase agreement lapse.
I'll get some of the money back some time in the future. I have a good job. I can continue living with my mother and save some more. The life that was packed away and moved two years ago has to stay in boxes. The hobbies, the books, the old records and the collection of cameras will remain padded and bubble wrapped, waiting.
What seemed almost too good to be true three months ago turned out to be just that. Not karma, not bad luck, just an unfortunate confluence of events. Things will get better. Thank you. I feel a little better now. I had to get rid of it somewhere.
Bill
