1250 Ramona St in Ramona is Sold!
Ramona, San Diego County - The single story at 1250 Ramona St has been sold.
Property information
Although a very nice home in a good location, this home went into escrow once with a buyer that needed to pull cash out of his existing home in order to qualify. The buyer, like many these days, over estimated the value of his current home and consequently didn't have enough equity to pull out for his down payment. This ended up with a canceled escrow 2 weeks before closing on a 45 day escrow AND the buyer loosing his $3,000 good faith deposit.
Every escrow is different and different types of markets bring new challenges. This particular home taught me that if the buyer is qualifying by using the equity from his existing home, the contract should state that the buyers existing home be appraised with underwriters pre-approval within the first 17 days of the contract. Also, that the listed home should remain on the market for other offers until the buyers equity line or re-fi is solid. 17 days is not unreasonable since that is the same amount of time a buyer in California has to investigate the property to his/her satisfaction and either continue or cancel without recourse.