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I hate having to think for other people
Mar. 9th, 2010 08:16 pmSo, today I talk to my banker again.
"You said we need $X in escrow. The contract spells out $Y in escrow, with me putting in $Z. How does $Z get to escrow?"
"We'll wire it."
"Okay, but if I was sitting in an escrow office, and a bank wired me the purchase price of a house, plus $Z, I'd say 'hold on a minute; what do I do with this $Z?'"
"That's between you and the escrow company."
"Okay, fine, but, see, *you* are the one demanding the $X in escrow; what do you want to see in the contract?"
"We can't tell you how to write the contract; that would be giving legal advice."
Sigh. Did you catch the part about how the difficulty is in how the bank is telling us to write the contract? But they won't tell us how to write the contract?
So I talk to my real estate agent.
"So, you're negotiating the contract with the escrow company, right? And you're only dealing with the $Y, right?"
"Yes," he replies.
"And then, when the bank sees only $Y accounted for, they're going to reject the contract, pushing back closing again. Can you tell them the bank is going to send them $Z without any instructions, and here's how we plan to use it?"
"Uh maybe."
"Maybe. As in, we don't know if the escrow company will do this without the bank setting it up. And we know the bank won't do this without the escrow company setting it up. So, we do this, and hope... is that about right?"
"Pretty close."
"Do people buy houses by having closing take twenty years so they finally have the cash price saved?"
"Not *usually*," he says, indicating that it is entirely possible at this point.
So we send our hopefully-correct contract to the escrow company, and extend the closing date.
I wonder if the seller is going to have anxiety dreams about having closing-extension documents suddenly spontaneously appear before him? I know that's a real danger for me.
"You said we need $X in escrow. The contract spells out $Y in escrow, with me putting in $Z. How does $Z get to escrow?"
"We'll wire it."
"Okay, but if I was sitting in an escrow office, and a bank wired me the purchase price of a house, plus $Z, I'd say 'hold on a minute; what do I do with this $Z?'"
"That's between you and the escrow company."
"Okay, fine, but, see, *you* are the one demanding the $X in escrow; what do you want to see in the contract?"
"We can't tell you how to write the contract; that would be giving legal advice."
Sigh. Did you catch the part about how the difficulty is in how the bank is telling us to write the contract? But they won't tell us how to write the contract?
So I talk to my real estate agent.
"So, you're negotiating the contract with the escrow company, right? And you're only dealing with the $Y, right?"
"Yes," he replies.
"And then, when the bank sees only $Y accounted for, they're going to reject the contract, pushing back closing again. Can you tell them the bank is going to send them $Z without any instructions, and here's how we plan to use it?"
"Uh maybe."
"Maybe. As in, we don't know if the escrow company will do this without the bank setting it up. And we know the bank won't do this without the escrow company setting it up. So, we do this, and hope... is that about right?"
"Pretty close."
"Do people buy houses by having closing take twenty years so they finally have the cash price saved?"
"Not *usually*," he says, indicating that it is entirely possible at this point.
So we send our hopefully-correct contract to the escrow company, and extend the closing date.
I wonder if the seller is going to have anxiety dreams about having closing-extension documents suddenly spontaneously appear before him? I know that's a real danger for me.
