David Cleveland, the house-hunter whose search for a home to purchase we’ve featured in Survival since mid-November, wrote with an update.
You might remember the Clevelands announced they were in escrow last month on a bank-owned house:
We’re still in escrow as things on the bank’s end haven’t moved as quickly as we’d hoped. There is still a chance that we could sign papers tomorrow and take possession sometime next week, but we’ve forwarded an amendment to the contract to extend the period out for another week or so if needed (the original contract had penalties of $500/day accruing after 1/12/09 should we be the ones to drag our feet. Maybe we should have put some penalties in on their side, though I’m sure such provision would never have made it into the final contract.).
Jill looked through the MLS this morning and found that of the 13 homes we put offers on since October, only two have actually closed. One of the homes was taken off the market, and the rest are either pending (like ours) or have been put back on the market and are active. It puts our situation in perspective and shows that, in this market, patience is a virtue.
Cleveland said he’ll keep us posted when he signs and takes possession of the house, meaning he can finally get off the boat he’s been living on.