Thursday, July 15, 2010

Update on yesterday's post...

I got a call from the listing agent that wrote yesterday's poorly worded addendum this morning. I saw her name pop up on my caller id and greeted her by name. The first words out of her mouth were "So I guess I don't understand what the problem is with the addendum." Really?

So I explained it to her.

She kept asking me "Well, what should it say instead?" and I kept telling her "It should either say that the seller is paying for their share of the taxes and all commissions or is should specify what the buyer is expected to pay." It seems so simple to me but evidently it was confusing. I think I actually heard the light bulb go on for her because after about the third time through, she paused and then said "Ooohhhh, you think the bank will actually try and make the buyer pay for commissions because the addendum says they will pay for all closing costs." Yeah, that's what I mean. Because it's a contract. A legally binding contract. And you can bet that if the bank can save a penny by putting it on the back of someone else, they will.

Once she understood, she got me a correct addendum within an hour. I got it signed by my guy within an hour of getting it and had it sent back to her immediately. Now we just wait for the title company to put everything together for the closing and hope there will be a clean title at the end of it all.