I'm sure you all are as sick of hearing about my problems as I am living them :/ But this is what I am going through in my life right now, so guess that's what you get, for now. Sorry.
After we spent Monday with our agent saying this was all just a simple fix - she'll just do the LLC paperwork for the well owner, it'll cost $200, she'll pay for it, all be done in a week, she just wants her real estate attorney to review it for the new well agreement that has to be done up for everyone to sign. Then we spent Monday having to deal with trying to talk the well owner into doing it in the first place.
Yesterday morning the agent calls me up and says "ummm...I guess this is going to be very complicated to do an LLC. I talked to my attorney and he's going to look into it more this morning, but not sounding very good". A bit later she forwards me an email from him. Basically, it can't legally be done because the well is on a separate property from the well owner's property and making it an LLC, since the well is not on it's own tax parcel, would be considered an unlawful subdivision of his property. Not to mention all the property owners will need to be a part of the LLC (which I know well owner will not want to do) and if even one of them didn't want to be on it, then it couldn't be done. Also, everyone's current lenders would also have to approve. It would cost thousands and likely take months.
Of course, extremely disappointing, but it is what it is. It might have been a bit easier to take our hopes being dashed again if my agent hadn't gone all PollyAnna gungho that is was no problem to fix, and instead had just said "hey, before I just assume this will work and we spend all day dealing with your well owner, let me first get all this by my attorney and see what's all involved". But, that is not how she works. She just says everything is no problem and can be done and then when it can't she just says "oh well, I didn't know".
So, at that point we have reached a dead end, have we not? We have been repeatedly told the buyer has no other option to finance other than FHA. I emailed my agent back that said apparently we've reached a dead end with all this, so unless buyer can get new lender/financing, we are going to be done with this and she can come and remove the keybox from our door.
On my way home from work the buyer calls me (this is fine, we have been keeping each other up to date on all this! she is the one I found out about the water well problem in the first place) and says that her agent was told our agent got an email from my DH that we have decided we are done and not going to pursue the LLC. She didn't understand why we'd change our minds, she'd be willing to pay half of the cost. I said well, sort of.....didn't you guys get the explanation from the attorney as to why this LLC isn't going to work? Apparently not, they were just told we've found out it was going to be too cumbersome and expensive to do, so we decided not to do it. So, I explained to her all what the attorney said. I was pretty mad that our agent made it sound like we were just deciding to back out of the LLC fix, like it was our fault!
I left our agent a message that I wasn't very happy that they weren't told the exact reasons for the LLC not working. Then I called up buyer's agent and explained it all to her and as soon as I explained the issue with the well not being on well owner's property and the legalities involved she completely understood. She also said she was not forwarded the email from the attorney with the explanation as to why this isn't going to work.
My agent then called me back........with her usual response "well, they must have misunderstood me". And a comment that "I can't seem to please you". I said No, we are not pleased right now! We've been trying to sell for 4 months, 2 sales have failed and we done everything possible, including spending almost $6000 on a new roof, after price had already been negotiated, just to make sure there would be no issues at all for the buyers to finance FHA and not cause any delays. Then she sent the other agent an email (cc'ing me) that sorry for the misunderstanding but It's not that the Sellers are unwilling to pursue the well issue, it's
that the process is much more cumbersome and expensive than they
thought it would be.
I replied back to both of them that I'd like to make it clear to all parties that first off, at no point and time did WE ever discuss paying ANY of the cost of the LLC, in fact you told us yesterday you were paying for it, so the issue of what it cost had no bearing to us one way or the other. Secondly, based on the information provided by the attorney, we unfortunately really have no choice but to not pursue trying to get this done to close this sale. So yes, at this point, unless Buyer has other financing options, what option are we left with, other than to be done with it?
My agent replied back that Yes, you are right about all of your points......but she only replied to me, not the buyers agent, who she had started this email chain to in the first place.
Sitting here at this point just waiting for buyers agent to send termination paperwork. Not really sure what they are waiting on.
On a semi-good note. At 10:30 last night we hear a helicopter fly over very close with our area all lit up. Then we see sheriff car lights all over the place down at drug dealers behind us. Got an email from a Lt. later last night that one of the son's was arrested (again) on his court ordered domestic violence warrant and it's $75,000 bail.
The newest renters at the end of our street appear to be an older couple and so far pretty quiet, though it appears drug buyers still keep trying to go to this house because it had for 3 years been known as a place to buy drugs. And slumlandords "people" keep coming back to empty the container and big shed off all the stuff (i.e. stolen crap) that is still left in their by previous tenants and all the extra people they had living there with them.