Escrow Delays
If you haven’t heard, we’re in the process of buying a house! We started looking for houses in around February and started finding houses we liked right away. We knew the market is still on a down-turn so we didn’t want to make any full price offers. Luckily our agent was fine with us “low-balling” lots of sellers. We got pre-qualified, and started making offers.
Most of our offers were dropped on the floor. One was even $100,000 less than they were listing the house! We finally got an offer accepted and entered escrow, but not before the foreclosing bank sold it to another investment bank “behind the scenes” causing a 2 week delay!
So our latest dilemma was somewhat of a “chicken & egg” problem. Our lender wants us to make a couple repairs to the property before we can sign loan docs. The seller won’t give us permission to fix anything on the property until we have loan docs signed. We had to fix the things to get things started, and we just had to make sure we did everything on the “up and up” so it nobody got sued.
Anyways, there was a pretty large irrigation leak in the sprinkler system so the pressure to the house was not readable. There was also a downed gate on the East side of the property. These two things were safety concerns and the lender wanted fixed. Here are a few pictures of the fixes:
Unfortunately we found out the house’s sprinkler system didn’t use schedule 40 PVC, but some paper-thin irrigation line. I was digging for the fence post and hit the line (barely) and had to get some couplers and make more irrigation repairs. We got this done, and were able to finish up the fence, which we think came out pretty good!
