Closed another escrow, finally. This one should have been a snap. It was the Sunnyvale house that had five great offers. Because of all the difficult appraisals and recalcitrant lenders recently, the seller chose an offer that was all cash, and higher than the listed price. The only contingency was on the close of an existing sale of the buyers' residence. All inspections had been completed on our listing, and the buyers were willing to do any repairs and termite work on the reports, so it was also an "as-is" sale. As-is and all-cash...It should have been easy.
The first delay came from the buyers' agent a couple of weeks later. Most of the funds needed to close the buyers' house in Los Altos were coming from Japan, and only $50,000 a day was allowed into the U.S. We signed a week's extension. Meanwhile, the Los Altos buyers' loan documents had expired and had to be redrawn by their lender in the Midwest...another delay. The new closing papers were sent to the Los Altos buyers, but a long holiday weekend intervened. Meanwhile, the termite company was threatening to place a mechanic's lien on the Sunnyvale property, if the escrow didn't close soon. I had to remind the manager of our long business relationship, and personally guarantee the funds.
As we reached the end of a month long delay in closing, I also arranged a cash bonus for my seller to repay her for some of the interest she lost on the proceeds.
Another "all's well that ends well" saga. The buyers love their new house, the seller is delighted to finally live near her daughter, and I celebrated by buying new red boots!
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