Another update. Cautiously optimistic.
The seller of the home we're buying was supposed to have already left for Britain today--found out now their flight is changed for next week--into early May. Since they were supposed to be out today and we were supposed to do a final walk through of the vacant house today (which is not happening)--I am hoping the seller and his agent(s) will come to their senses and ask One West (indy Mac) for a COE extension. We have put all the money into escrow and just needed to do the final walkthrough. We are paying for the closing costs--the seller (a real estate agent) had agreed to pay one fee of $400 but of course, he refused to put in any money, so we had to pay that fee, but we have told his agents all along we are not closing until they have vacated and they were supposed to vacate today--so unless they move out tonight, they are in breach of our contract (which has specific move out dates etc . . .). My agent has said she doesn't think One West will grant an extension because of the seller, but we also want the extension for the CA tax credit and am hoping One West will grant us an extension so we can close in May.
I also hope this because the seller's agent(s) sent us a pretty mean and long email when we asked earlier this month about asking One West for an extension of 3 days so we could qualify for the tax credit. The email they sent accused us of knowing about the tax credit when we put in our offer (in November of 2009) and that we purposely stalled in order to get it. Huh? The short was approved in late Feb, we were scheduled to close in March--but the seller refused to move out until late April. If we knew about it back in 2009, why would we have agreed to a April 30 closing when the credit goes into effect on May 1? They also accused us of jeopardizing the sale and that we would have to forfeit our deposit etc . . . it was mean spirited and unnecessary. We found out about the tax credit in late March of 2010 one or two days before Arnold signed it into law on April 1. Our mistake was that our agent wanted to wait until we knew we could do the loan in May (using April docs) and it took my lender over 2 weeks to find out. Plus we asked them about the extension around the time the volcanic ash was disrupting flights, knowing they were flying to Britain, so I had no clue why they didn't want to even ask for a possible extension. The seller was refusing to sign the formal request but his agent was also refusing to even call One West informatlly to see if they would help us out.
