Our escrow contract was originally supposed to close on or before July 31. We completed all repairs and inspections over a week and a half before that date, then signed paperwork as it came our way. We also busied ourselves with work and moving our stuff. As far as it was up to us, we held up our end of the bargain.
The 31st came and went. It wasn't until the 5th that things were completely resolved and we received money from the proceeds of the sale. This is important, because we were in the process of moving and had to pay rent at our new dwelling. If escrow had closed on time, we would have been spared a house payment in July. Instead, we had to shoulder the cost of rent as well as a final house payment, and that was a bad thing.
A day or so before the 31st, our realtor contacted me with the most unkindest cut of all. She confidently told me that I could inform the bank that the house was in escrow and the bank wouldn't report a late payment to the credit bureaus. I was momentarily relieved, but something didn't sound right. I called the bank when I got off work, and sure enough, we had to make the payment or face negative credit reporting. We bit the bullet, made the payment, and sweated through the next few days. I'm extremely glad that I didn't listen to her, or we would have faced more problems.
A friend informed me that the buyer likely avoided a month's worth of mortgage payments when he delayed close of escrow, so that gives him two months without a payment. We had to make up the difference. Sure, we made out well, but they dragged their feet at every turn. As far as I'm concerned, failing to live up to their end of the contract without so much as an apology is a dick move.
Thus, there were a couple of items in the garden shed that we neglected to remove. They were old tube-style TVs that we could pack in our last load. The buyers cost us over $1000, so they can move the damn TVs themselves. I'm done.
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