Comment Guidelines
We welcome your feedback on Houseandhome.com. H&H reserves the right to remove any unsuitable personal remarks made about the bloggers, hosts, homeowners and/or guests we feature. Please keep your comments focused on decorating, design, cooking and other lifestyle topics. Adopt a tone you would be willing to use in person and do not make slanderous remarks or use denigrating language. If you see a comment that you believe violates any of the guidelines outlined above, please click “Alert a Moderator.” Thank you.
OK
It had originally been a vendor-take-back mortgage, so it wasn't a bank. Yes, all's well that ends well, but it didn't look good for while there - our lawyer was actually advising walking away, 3 weeks before closing - and it had taken us about 3 months to find the place.:eek:
The selling agent didn't even know it was power of sale! Hmmm. I take it the bank put it up for sale so wouldn't that have been his or her first clue?
What are the differences between a regular sale and power of sale?
I'm glad it all worked out at least and now you can enjoy it.
Hey Arizona, thanks for asking !
The new place is about 4 hours drive from the old place; neither DH nor I drive, so our realtor (a friend of mine from way back) drove us down to look at it. We put an offer in on the spot, as it was ideal for what we were looking for - commercial, on a main road, in our price range and with enough room for me to have the store on the main floor and to have a living-room and 2 bedrooms upstairs.
The lot is 30 feet wide, and there is a commercial building next to us, then a laneway. Access to our parking is off the laneway and behind the commercial lot next door. Well, the lawyer called about 2 weeks before closing with some news. First, the easement across the back of the commercial lot next door had expired, and second the house was actually under power of sale, although no-one had mentioned that before. Upon further invetigation, the selling realtor had no idea, either, that it was under power of sale.
Anyway, to cut a long story about as short as I bit my nails, after much negotiation, about 4 in the afternoon before closing, they agreed to a substantial holdback until they approached the Committee of Adjustment and got the easement re-instated. We also had to re-sign a whole bunch of paperwork because of the unknown power of sale situation. Into the bargain, the bank kept getting the mortgage wrong, and were charging us penalties for paying it out before its term, when in fact we were taking the mortgage with us, and bridging for 1 week until our house sold!
Then we found out that insurers do not like galvanized plumbing . . . so we have to get that taken out and replaced with either copper or plastic, within 30 days.
It may not sound like much, but for us it was really tense. By the time all these problems surfaced, we really had no option but to move. Some of the suggestions (apart from walking away) were to delay closing until the right of way was fixed, rent from them until it was fixed and a few other, even more creative suggestions.
Anyway, that is all behind us now, they are in the process of getting us the easement, and we have been in this house for 1 week, 1 day and about 7 hours now. Our sale closed with no fuss at all the day before yesterday.