The Dark Side of the DALP, and other FRIGHTFUL TALES…
Monday, October 26th, 2009
It was a dark and stormy night. Three pirates sat around a fire. “Joe,” said one, “Tell us a story.” “Allright,” said Joe. “I’ll tell you a story. “It was a dark and stormy night. Three San Franciscan City Officials sat around a fire. Joe, said one, “We’re running out of money for the Down Payment Loan Assistance program.” “Arrrggghhh,” says Joe, “Then Blimey if we’ll not have to cancel anybody who hasn’t been processed yet, slash the maximum loan amount to $60,000, and only lend it to the poor, damned souls trying to buy short sales and REO properties. Arrr,” said he, “Arrr” You heard it. I lived it. My lovely client was awaiting a response to her offer on a condo we expected a “Yes” to, when we found out the City had slashed the loan amounts and completely changed the guidelines, knocking her out of the running after having gone through the workshops etc, gotten approved, and worked really hard to find a place. Could we not have had a bit more of a headsup on this one?
AND NOW, THE TERRIFYING TALE OF THE SELLER WHO CHANGED HIS MIND….BUT DIDN’t TELL YOU, HOPING TO CATCH YOU IN THE “YOU ARENT REMOVING YOUR CONTINGENCIES ON TIME WEB OF HELL”
How’s this- you are in contract on a place you really like. You get the property inspected. There’s a problem and you decide to negotiate with the seller. Guess what? He/She may have changed their mind about selling and if you don’t remove your inpsection contingency, they will kick you out of contract. FAIR? No. Can He Do That? Yes. YIKES!!!! What are your options?
You will have to drop your contingency, take the hit to fix whatever the problem discovered in the inspection was, or move on and find a new property to buy without a wacko seller.
OK THEN, FoLKS, Although this is Halloween week and the two stories above are true, as we like to say in Improv class, “You’re fine. You’re healthy, you’re happy, and everything’s good.” Now start the scene over. The reality is that MOST sellers are NOT crazy and you can and will have a good life and a great new home should you decide to buy.
