The past few days have been a total whirlwind, in a good way. It started Friday night preparing to have a 4th birthday party for my daughter on Saturday. Saturday was crazy finishing things up, having the party. Sunday I set up a couple showings for the "water house". The one guy showed up with everyone he knew, I think. Actually they were the nicest buyers I have had in a looong time. He brought his electrician, plumber, HVAC guy, roofer, etc so they could look at everything. They were all his friends, they all live in town and they all knew what a killer deal it was. This is the buyers first time buying a home so he wasn't as casual as his friends. At any rate he decided he wanted the house, we agreed on price and I told him I would send him an offer to purchase later in the day (this was Sunday).
On Monday I got a brand new offer to purchase from his attorney and I thought the deal might be dead. The attorney lowered the price, asked for concessions, me to pay for gap insurance and a letter from the city regarding the zoning status of the house. I was so frustrated BUT I kept my cool and we worked through every issue to date. I sent off a counter offer yesterday and recieved the signed acceptance today. Yeah. He is getting conventional financing through a local bank and I spoke to the lender yesterday. He assures me seasoning will not be an issue but I lost faith in what bank people tell me. It's unfortunate but true. I've been told the exact same thing before and at the nth hour I'm told seasoning will be an issue. However, I'm taking him at his word for now. I'm a little more at ease because he is a local bank and I am not making a killing.
The next hurdle we will have to cross is the appraisal. I have no doubt it will appraise for what we agreed on BUT the bank wants the water on for the appraisal. We can't turn the water on b/c there are broken pipes. Yikes. Well, during the buyers initial walk-through his plumber told him they were going to do a full re-plumb when he moved in. On Monday the buyer asked me if they could do the full re-plumb for the appraisal instead of wasting money on minor fixes and then tearing it all out anyway. I told him that was fine and his lawyer is drawing something up for that as well. My thought process was that the buyer pay for the fixes and IF (if, if, if) he cannot get financed I have it inspected and then pay for the plumbing. I mean, it needs to eventually get fixed anyway. Side note: I just got a fax from the lawyer regarding the plumbing. It's basically an email in fax form, this guy is old school. He also "gave me permission" to speak to his client. What? I wish he had an email so we could correspond that way... Geez lawyers are a PIA!
Another (little) hurdle.... This buyer is going to want to get in there and pressurize the pipes right away. My closing with HUD is next Friday, we are actually closing 10 days EARLY!! This is an absolute first for me and is perfect for my situation. Well, perfect would have us closing this Friday... see I didn't exactly tell him that I didn't own the house yet. I don't outright lie, I just adjust my words a bit. I find that some people get scared off, think you're doing something illegal, confused, etc. Hopefully I can put him off until next weekend to look at the pipes. He has a LOT of time to get that done since our closing is set for July 21st.
What else? Oh, I am using private funding for the downpayment which is going to be about $23k. The private lender is my mommy : ) The agreed upon return rate is $2k so she will be making that much in a matter of 1 month. Not bad! I just found out yesterday that someone else wants to invest with me. My aunt's "gentleman caller" - heehee - was talking to my husband yesterday when he mentioned that he wanted to start investing with me. I have to give him a call. There are a few properties I am very, very, very close at getting and want to put this money to good use.
Regarding the 'A-hole house'... he wants to have "a meeting" next week to go over bids on the projects we will be doing on the house. That's all I have to say about that!
Non-REI: Still working out consistantly. I can really feel/see a difference in my body and I'm loving it! I actually think I'm going to do the P90x when I'm done with the Insanity program. This Saturday I will be halfway done with the program and I'm going to take measurements. I'm excited to see how I've done. For anyone looking for an at home program
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6 comments:
I've seen the Insanity and p90x info-mercials. You sound like you are impressed and would recommend them? I'm always looking for something to do when I don't feel like trudging to the gym, would this be a good alternative?
hehe sorry about the non-real estate question. You are really doing well it seems in that area :)
Hey Scott,
Right now I only have the Insanity program and I would highly recommend it! I love it! Well, I love it about as much as one can love exercise... I'm not a huge fan : ). I like the variety, I like doing it at home and I like the eye candy - heehee! That might not interest you as much!! Anyway, I've seen good results and will post next week. Once I'm done with this program I am going to get p90x, I've heard great things.
Suggestion... If you decide to purchase either buy on eBay. I paid $75 for insanity when it sells for $130 or so on TV.
Thanks for reading!
Educate me. What is "seasoning"?
VMD,
In a nutshell, seasoning is when a lender requires the seller of a property be on title for 90 days. This requirement does vary from lender to lender and local banks usually do not have this requirement. However, I ALWAYS verify with the lender that it will not be an issue.
Make sense?
Let me know if you have questions!
Eileen
Eileen, my hubby is doing P90x (although not consistently) and its NO JOKE! I get tired just watching him do it (And yes...I only watch!)
You're doing great!
Congrats on the private lender too (gentleman caller? LOL)! Nearly 10% on your money in about 30 days? Can't beat that with a bat ;-)
Shae, I have not exercised this consistantly for... I don't know how long? For me, it's a mind thing. I told myself it's a 60 day program so I have a light at the end of the tunnel. I know I won't want to quit then so I'll give myself another little 90 goal. It works for me!
Yep, I'm hoping I can put a lot of private funds to good use very shortly : ) And, getting the property under contract prior to closing is TOTALLY ideal!!
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