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Tuesday, February 26, 2013

Buying a first home with the Pachecos

We’ve been in a holding pattern since Sarah and Fernando Pacheco’s offer on a Waikele condo got accepted. But, as their story illustrates, things can happen between acceptance and closing to thwart the sale.

The Pachecos had a close call last week: Their realtor alerted them that their appraisal had come back $10,000 less than the amount they had bid. Usually, in this situation, the buyers (the Pachecos) would be responsible for the difference.

That kind of money isn’t easy for the average person to scrape up, especially in a short period of time. Their realtor told the selling lender that the Pachecos didn’t have the funds to match the appraisal and, in order for the escrow process to continue, they would have to drop the price of the home by $10,000.

“It was a long shot,” Fernando says.

“To put it lightly, I did not get much sleep that night. When morning came, I checked my email to find an urgent message from my realtor to sign an amendment to our escrow papers because the seller had dropped the price,” he recalls. “It was a miracle (to me, anyway).”

And so the escrow process continued. Their condo passed the termite inspection, which the Pachecos had to pay for because it's a lender sale (as-is).

Two days later, Fernando got another round of news: “The good news was that we received our final approval for the loan. The bad news was that escrow had not provided the conveyance documents to our lender and so we had to quickly sign more papers to file for an extension. Our new closing date is March 8. Still waiting to hear back on whether I have to pay a late fee for the extension,” he says.

Good times. Sometimes you need some drama in your life just to know you’re alive, right?

“There's not enough whiskey in this world to handle the ups and downs I've been going through on a weekly basis!” Fernando says.
We’ll be waiting to see if anything else exciting happens between now and March 8. If you have any advice for the Pachecos, leave your comments here!

Posted on Tuesday, February 26, 2013 in Permalink

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About This Page

Honolulu Real Estate focuses on the Hawaii housing market, condos and homes for sale, Hawaii rentals and general news about real estate in Hawaii. It also includes stories on apartment living, home decor and profiles.
 


Melissa Chang graduated from the University of Hawaii with a degree in journalism and has been blogging since 2007, mostly on food and travel. She works primarily in social media, so you can find her online @Melissa808 on Twitter and Instagram.


 


Jaymes Song is a real estate agent at Prudential Advantage Realty in Kahala. Jaymes is in the top 7 percent of Prudential agents nationwide. Previously, Jaymes was at The Orange County Register, Honolulu Star-Bulletin and rose through the ranks to overseeing news and operations for AP in Hawaii and the Pacific Rim. Jaymes lives in the Portlock area and loves his real full-time job of being dad to two curious kids.


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