Thank you very much for that explanation. We are going to follow your advice to the letter. We already called our agent and told her that we don’t want to proceed with this deal if they cannot close by tomorrow (seems highly unlikely).
I agree too bad I spent the money on an appraisal and home inspection, we were hoping that a 21 day closing would entice sellers to pick us over others in this market. My contract called out for completion of inspection within 7 days. The escrow company, the less said the better were highly incompetent they sent us the information for the wrong property twice, we received the report after 15 days, well after the completion of appraisal and inspection. Well thanks again for the detailed explanation with the links. in fact I did check the San Diego County Tax web site and reported to the agents (both ours and sellers) that they hadn’t paid their taxes for the last year. Their agent was surprised to find out about this – in hind sight this should’ve been my first red flag.
Thanks again really appreciate your insight in this matter, I will sleep better knowing I am not losing more money.
