Monday 18 April 2011

It's The Colour For The Battle In My Head I Have A Beat In My Life Like Love In My Heart

Midnight Friday was the deadline for our buyer to remove the subjects on his offer. Which seems to be Canadian terminology, if my weekend Twitter conversations are any indication. I'm no expert (ha! understatement!) but my understanding of how it works is this:

Buyer makes an offer. Negotiations ensue. Buyer and seller reach an agreement. A deadline for subject removal is set (usually a week to 2 weeks.) Subjects are the conditions that need to be met (like financing being approved, the home passing an inspection, etc) before the deposit is handed over. Once the subjects are removed, the deposit is made, the final papers are signed, and the contract is binding. If the buyer tries to back out of the contract, the seller gets to keep the deposit.

So. Our buyer had a few subjects that he had to remove by midnight on Friday. If he did not remove his subjects, we could not remove the subjects on the condo we wanted to buy (one of our subjects was that our condo was officially sold because we can't afford to end up with two condos.)

Our Realtor phoned me at noon on Friday to tell me that I shouldn't panic - yet - but that the buyer had a few "concerns" about the inspection. The inspection that was completed on Tuesday. I, of course, morphed into Anxious Hillary with a side of Ranty Hillary (why? Why not voice the concerns after the inspection? Why wait until the last minute unless you're being an ass and trying to renegotiate the price down?) My stress level rose steadily all day as the buyer's Realtor stopped returning my Realtor's phone calls and then peaked when the buyer's Realtor finally called our Realtor to say that he could not reach the buyer.

I was a lot of fun to be around on Friday.

Late Friday night our Realtor called to say that the buyer thought the subject removal deadline was actually midnight on Saturday. Which we chose to accept because we had no other option. Enforce the midnight Friday deadline? What good would that do? We had another sleepless night and then Shawn went off to work while I spent Saturday morning stress-eating my way through a shameful number of grilled cheese sandwiches and blasting Girl Talk and Jessie J in an attempt to divert my nervous energy.

We got the call early Saturday afternoon. Our buyer removed all subjects and the deposit cheque was in our Realtor's hands. We're moving to a new city, to the new condo with the lovely magenta accent wall. And I can breathe again.

19 comments:

  1. So, so so happy that everything worked out!

    Magenta wall! YAY.

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  2. Holy crap, I read that fast and out of the corner of my eye to lower the stress a little. I'm SO GLAD it wasn't for naught!

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  3. Yay Magenta accent wall! :D
    Awesome news. Congrats!

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  4. Oh, YAY! I was just about to email you to see what happened and thought I'd check Reader first.

    YAY!YAY!YAY!

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  5. How crazily stressful! But SUCH a relief, so very happy for you!

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  6. Congratulations! Make sure you breath a little before you dive into the new stress: moving!

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  7. We have something similar down here so I sort of guessed what you meant by removing contingents. We have financing contingencies and inspection rights.

    I'm glad it all worked out. I hope the remainder of the process goes smoothly, as does the move.

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  8. So glad it all worked out! And YAY for magenta wall!

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  9. Yaaahooo! Congratulations! I'm glad you get to trade one awesome accent wall for another accent wall.

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  10. Eeeeek, you had me quite worried for you there for a bit that the whole deal fell through! So happy it all worked out. Congrats :)

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  11. Interesting that the buyer has all that time to be able to "get their shit together" before putting a deposit down. In the US, buyers pretty much need to get their shit together on their own dime. Once an offer is accepted, the deposit goes to the seller.

    CONGRATS on your big move. It'll be an insane month, but I'm sure you'll be relieve to be settled in once baby arrives!

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  12. FUCK YES! Congrats! (p.s. - The only reason I could even read this post was b/c I already knew the outcome. The moving stress is too fresh in my mind to be able to handle any sympathetic moving stress right now.)

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  13. Yay! You get a magenta wall! I'm glad you're past the stress of selling and now can concentrate on fun things like decorating.

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  14. That's a relief to have everything go through (although a day late is so rude and irresponsible).

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  15. Yes! Yes! Yes! I'm so happy for you!! <3
    Buying and selling is so complicated and hard- you're so brave for getting through all of this, now you get to be excited and just enjoy!

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  16. Until you explained it to me, I thought subject removal meant, like, removing stuff from a house. Or something. Which is kind of silly in retrospect, but do you see why I was confused?

    Anyway, congratulations!!

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  17. Woo, congratulations lady! Glad to hear it all went through fine + well. Waiting + angsting is always so tough! I'm glad it all worked out in the end :)

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