said by brian:
They all say we'll have the sale closed by Christmas. I'm hopeful, but not too optimistic.
Looks like this is actually going to happen. We got approval from GMAC last Friday (after an initial counter that we rejected) and this week has been a scramble to get all of the paperwork done. The cash buyer wanted a 7 day max escrow. We had a bit of a scare over the last 24 hours, though.
We had a HELOC on the property as well, that we'd paid off about a year ago. The lien was never released, but we took care of that in November once we realized that. Yesterday, the title company noticed the bank on the payoff letter we have isn't the same as who originally financed the loan and is on the recorded trust deed.
The title company apparently missed the reconveyance that was recorded in November that took care of all of that, even though I let escrow and title know about it last week.
Anyway, just got an email from escrow saying we're now good to go for tomorrow. 8 years and 1 week after we started throwing money in a hole that kept getting deeper, it will all be "over". Still have to deal with the possible tax consequences, but I think we're ok there too.
I'm sure there is still something that can go wrong in the next 24 hours or so.
I think the Mayans were predicting the closing of this deal not the end of the word.
Last thing... I've been keeping an eye on my credit and I took a decent hit (still slightly better than average) when GMAC reported the first 30 day late in Oct, but they haven't reported anything for November yet. Not sure if this is normal or not. We've been in negotiations with them since early Nov.--
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