Wednesday, December 21, 2005

Ignorant Seller

I have never used so many cell phone minutes in one day. We are working on the close for the duplex we are living in that we are buying on a lease option. In the past when we have done this we have just reassigned the new purchase agreement to the seller and take a step back and just get our equity out of the house by signing a letter of interest in the property. Well when I tried to explain the situation to Russell Peay the seller his eyes glazed over and all of the sudden he was unwilling to listen or try to understand anything. He doesn't understand the process and is unwilling to be flexible in the least. We removed all liability and made sure he was paid exactly the same as per the earlier agreement but was unwilling to budge. He said "I have an agreement with you and I am only willing to do exactly what is said there which is sell you the house." I let him know that we could also assign the contract to the new buyer and he said that would be illegal according to orem city code. I didn't realize how ignorant he is but he was sure that if we assigned the agreement to the new buyers that we would be violating the owner occupation law in Orem. I don't know what planet he is from, but the close and the assignment can be at the same time, duh. Anyways, I can't believe the buyers are willing to be so patient but they love the house and are commited to buying it. I went over tonight and signed an extension on the agreement that brings it out to the 15th of January but I don't think we'll be delayed much past the fifth. The only real stickler doing this way instead of doing the assignment of the new purchase agreement is that all of the loan work has to be redone. I feel bad for the loan officer and his step-mother. Hopefully we can work this out because I'm getting ulcers! Next time I will not do a lease option but an owner finance. In that case I wouldn't have this problem. I am lucky that I had the option to assign the agreement

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