It's been nearly 14 months since I last posted. We closed on the house 11 days after my last post. We went through a lot even in those 11 days, and I think I was so exhausted from the roller coaster that I was sick of talking about it, much less writing about it.
I'll start with those 11 days.
The biggest event during that window was that the bank decided to throw out our approved offer on the house and counter with about $20k more for the asking price. We were given an ultimatum: take it or leave it. If we did not accept the counter, then we forfeit the house and walk away. Otherwise we have to accept their counter and have a larger mortgage payment. Of course, we countered with "you can't do that!!!" To which our Realtor said "yes, they can do anything." They had us by the proverbial balls. We had some serious soul-searching to do. Some serious discussions took place, and ultimately we decided to accept it because we believed this was the house for us.
Feb. 25 2011:
Closing day. We decided to hire a lawyer to ensure that our title was clear and that they weren't pulling anything over on us. I said "you're hired!" after she told us that they do not have to guarantee a 100% clear title. We needed someone who was 100% on our side and could verify that all was well, and we needed that after 8 months of hell with this house. Everyone else involved had money and payments at stake...or commissions. Having the lawyer there was great. She reviewed every piece of documentation and required them to make last minute addendums and modifications in some cases. The title company was moving quickly, and our lawyer explained everything (translated) that they were asking us to sign. She was a great advocate and it was money well spent.
With paperwork signed at the closing table, and keys in hand, our Realtor walked us to our car. After so many ups and downs for 8 months I asked “So now what? What ball drops at this point?”
After a repeated performance of disappointment, I wasn’t believing it was over…and just like that…quickly…after months and months of waiting and high-strung emotions. We were always getting excited over what always wound up being short-lived good news, and I had been conditioned [thanks, Pavlov] to expect it to be that way…possibly for eternity. So, even though we had signed closing papers and had keys in hand I completely expected there to be bad news headed my way. I was sure of it.
Our Realtor laughed, and then reassured me that the house was ours.
And that was it. Eight months of emotional highs and lows and it was just…over. Quickly. It was…weird.
I felt a little guilty that I wasn’t truly excited. I was afraid to be.
Feb 26, 2011:
Moving day. We moved in, and well…that felt surprisingly weird. Still not believing it was true. Expecting the other shoe to drop.
Feb 25, 2012:
One-year anniversary of homeownership. Reflections of eight months of what seemed like torture, and I still get angry thinking about the process we went through to become homeowners. Hell on Earth. Misery. Nothing exciting, to be perfectly honest.
All that was exciting on this one year anniversary date was that we were done with the process, the house is ours, and we are making it our own – slowly but surely.
Mid-March 2012:
An usual piece of mail arrives in the mailbox addressed to “Unknown Tenant.” Upon verifying the address, it is correct. “Tenant?” I think to myself. “Unknown? What the hell is this?”
I open the mail, and it is a document written in “legalese.” Something about our house and the court system. The bank that owned the house is listed, as well as the previous owners. Are they going back to court? Still in court for bankruptcy? What does this have to do with us??
Right away, I call the lawyer’s office who sent the letter. The lady on the phone was a SUPREME bitch on the phone. “The word ‘dismiss’ means…” she said. To which I replied “Listen, I don’t need you to provide a Webster’s definition for the words in this document. When I said translation I meant…” and I continued to explain to her that I needed her to be patient because I was trying to understand what was going on. What are they dismissing? Needless to say, I abandoned that phone call after a few choice words and decided the clerk of courts was the next step. No luck. No one answers the phone.
This week, another notice arrived in the mail. Again, addressed to “Unknown Tenant.” This time I think I may have really failed to do something I needed to do because here is a similar notice…but signed by a Circuit Court Judge. Oh crap. Panic sets in.
Today, I brought the two notices to work to have a general counsel (lawyer) review them. His advice was to “contact the title company immediately.” He then asked if we have title insurance because he thought this was something against our title. I sat there, jaw dropped, waiting for a punchline “you’ve got to be kidding me.” He wasn’t kidding. I left there fuming. Not mad at him, but really pissed off that I was back on this damn roller coaster with this house.
I went to my boss “I’m going to be here, but I’ll be off-task due to this…” and I explained. Luckily, he completely understood and told me to do what I need to do.
Hours later, after contacting the title company and insisting on speedy responses (it’s Friday and I didn’t want to spend my weekend with wrenches in my gut). Our rep at the title company was very quick about getting answers but, as with the entire 8 months of purchasing, it felt like an eternity. She forwarded our docs to an underwriter and his response was:
This is just the release of the judgment and lis pendens. We wish this would happen on all our files. They did what they were supposed to do, amazing!
Still no relief here. I replied “It’s been over 13 months since we closed. Why is this happening now??”
The answer: “Because the banks are slow.”
I don't have any way of knowing if this is the true conclusion to our story. But I sure hope it is.
The moral of the story is the same as many of the other posts on this blog:
- Don’t buy a short sale.
- If you do enter into a short sale purchase you should enter it knowing it will require more patience than you currently have. I can promise you that. You’re patience will tested in ways you never expected.
- The banks can do what they want. There are no rules…at least for them. Plenty for you to follow.
- You will be given ultimatums.
- Don’t make snap decisions. Same as for any major purchase, but don’t be bullied by a bank, ok?
- Expect the unexpected.
- Hold on tight.
- And, finally, don’t buy a short sale.
