Just got word on Friday March 8, 2009 over a month after the contract termination was signed and delivered, that the seller has released our earnest money form escrow.   We ultimately had to have an attorney to write a letter demanding the release of the earnest money or threatening to sue for 3x the amount as is outlined in the contract if either party fails to release the earnest money.

I must say, I now feel a sense of closure to all of this.  In the mean time, we have rented a place in Austin to move into over the next month.  There have been several lessons here, not the least of which is that buying a home sounds great, but you never know what can happen.  These things end up consuming much more of your time and resources than you might initially imagine.  In a volatile year where we are having our first child and making a move back home, we have chosen the path of least resistance and least distraction to focus on ourselves, our business and our new addition to the family.

Also, after having picked out an unlikely living situation (we rented a place in the Monarch, one of several new down town high rise buildings in Austin) I realize that 605 Peacock Ln probably was not the house for us.  I do still think these are all very nice units and I think they would make a great home for some lucky family.  But, our direction is a bit different.  We are unsure how long we are going to be in Austin.  We like the down town proximity, walking distance to the office, etc.  We like being able to leave town and know that our place is secure in a building.  We like the covered & secure parking.  These are all things that would have been desired if we had moved forward with Peacock Ln.

I started this blog out of anger that the owner would steal our earnest money in such a dishonest move.  It seemed to validate everything I had perceived about the seller during the process.  I have come out of the situation, however, with more clarity.  It was not just the actions of the seller that turned me away from the peacock four.  It was also my own hesitations, in that it simply wasn’t exactly what we were looking for.  This is the home buying process.  I will say that had the sellers acted differently, especially early on, I would for sure be living and an owner of one of the peacock four.  So in the end, I guess I owe them a bit of gratitude for being difficult as it steered us where we are and what we’ve ended up with is more in line with what we need now.

A note to the sellers, if they ever happen to read this.  Be aware of how your actions and words line up.  It’s understandable, especially in this market, that you are in a hurry to sell.  But, don’t be a bully about it.  The buyers that you’re going after are making a step into a home.  You would not typically get investors or seasoned property buyers for these units.  They are good “starter” homes.  And, if the buyer is going to purchase them in this market they are going to want something that is perfect and ready to move into.  In the end you agreed to most everything we asked, but we had to terminate the contract for you to do so, if in the beginning you had agreed to half and not pushed back so much, the property would be sold.  It is unclear how much of this came from you vs. your agents.   Angela seemed to be very nice and  accommodating, but whenever Perry would get involved things seemed to get derailed.

A great big thanks to everyone on our team.  Sheri Mitchell at Southern Exposure Realtors, you are truly a joy to work with.  Your patience and diligence throughout this process has been above and beyond.  When we do buy a place, you are our realtor without a doubt.  Randal Pitts at Home Inspections Austin, you are diligent, thorough, knowledgeable and curious.  Everything one could want in a first rate home inspector.  Elliott Mitchell, it’s never fun when you have to involve attorneys in a home purchase.  Thank you for making the process, easy, smooth and stream lined.  All we wanted from the outset is to get our earnest money back and your well worded letter was what did that.  We could have wasted a lot of time and money w/ a more forceful approach. Your scalpel was able to get the exact result we wanted with a minimum of effort.

If you are someone considering buying a unit at 605 Peacock / one of the peacock four then I have a few words for you as well.  These posts are my experience and my impressions.  In retrospect, I think the units are very nice and are being offerred at a good price.   I think the seller is a bit desperate and that came off the wrong way at times during our process.  I would be dilligent, get your own read on things, but don’t let my experience dissuade you.