Well, I just re-read the start of this thread started so long ago. I thought that was the majority of the work concluded at that stage, having worked on the deal for over 3 months prior to getting to the offer being accepted stage. We started on this deal during mid-May. Little did I know that was only that start of things…..6 months down the track and we are still a long way from being Owners.
It’s been another full week, and we are supposedly in the home straight and yet things turn very slowly indeed. We missed the initial settlement date of Nov the 1st, which was positioned only 10 weeks after offers closed. That was way too ambitious. We were encouraged to delay it ‘til mid Nov, but I knew that timing was also too ambitious. We are dealing with loads of characters who don’t give a rats about the deal and ho-hum their way through work.
I still find it amazing how sharp and focussed you become when it’s your money on the line. When you work for a large corporation and you see these deals across your desk all the time, but have no financial interest in the result, things become very tedious and they slack off chronically.
I decided to push it out to the start of December, assuming another full month would be more than ample. Apparently that was too sharp as well.
The Bank seems to be working in another timezone, completely unaware and oblivious to the looming second settlement date of 3rd Dec. Can’t get any commitment from them at all. The wife and I have signed the mortgage docs about what seems 4 times with this Bank, and they’ve only confirmed they received the originals back 1 hour ago. Of course, with the other 3 Banks who had a crack at it, we signed all of those docs as well, all to no avail. If I don’t see another bank during 2008 that’ll be too soon.
I’ve got about 7 unanswered questions from my side regarding the finance side of things and they like to answer me with curt little one line emails that divulge nothing. Really, I can see why large organisations pay cash for these buildings and avoid the Banks altogether – what a pain in the proverbial.
So, the Vendor still has 3 or 4 very substantial things to execute and rectify before we can settle, which is making them sweat bullets at this stage.
The 3 month rental bond from the tenant’s has disappeared somewhere, but I’ve been asking for that continually, but it’s falling on deaf ears I think until I pay them the Deposit funds….fair enough probably.
Surprisingly, there still hasn’t been one cent change hands over this deal, and the normally very patient elderly Vendors are getting a bit antsy over that fact. I was supposed to pay the Deposit 20 days after contract acceptance, which fell due way back in mid-September.
If I was the Vendor I would have dumped me as a Purchaser long ago, but they’ve kindly hung in there and they will get a very good price off me….it’s just been a bit testy for them. Elderly folk must have the patience of a saint. The vendor is a group of two brothers and a sister, the eldest brother being 78, so a good bit of fishing money is coming his way shortly.
The Addendum to the Contract that I signed last week, to remove the finance clause, has disappeared into the electronic ether. They got the Addendum and now wish to argy-bargy with me over the wording that they wrote. The Fire clause is causing them grief and they are finding the Council to sign off the infringement notice moves about the same pace as my Bank – both at geological time.
I honestly think that both sides will fail to meet the second delayed settlement deadline, and she’ll go through maybe mid-December or even Jan 1 would be clean I reckon. I certainly can’t get any sense out of the Bank solicitors and the Council is fobbing the Vendors off.
Health-wise, I'm starting to get worn down. I've been having acid problems with my stomach over the stress of this acquisition. The wife reckons it's not worth it, and she's undoubtedly right.....but these things don't get done without pushing and shoving your way through to a conclusion. The heart has also been skipping a few times. I've been told stress can do that, so I need to complete this deal and get away on a holiday before I keel over !!!
Penalty interest for delaying Settlement is a snip at $ 2,650 per day, so both parties are both trying to avoid that impost at all costs.
Anyway, not much going on right now, just all of this plus pretending still to be interested in my job. Managed to get a large piece of work out the door yesterday for the company, so they are still under the impression I’m working flat out on their business objectives. I really am a terrible employee for them, but they love me anyhoo.
In terms of delays, this 2 month finance delay has cost me dearly. The price of money has gone through the roof since trying to close this deal, and basically I’m not happy about that at all. Looking back, the finance side of things has been a complete schmozzle compared to my other deals with the CBA – which all went completely smoothly.
Righto – I’m reminiscing now. Hopefully I’ll have some closure on Monday....but I'm not going to hold my breath.
My brightest spark in all of this, is that we fixed the price, and hopefully it has been capitally appreciating every day since we contracted it. If not, I'm wasting my time aren't I....