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