We’ve had The Leak House under contract to purchase for over a month now, and we still don’t have a firm closing date…
Apparently, the bank hadn’t filed the foreclosure deed at the time I put the house under contract, and while it’s now been filed, the county still hasn’t finalized its recording, so they don’t yet have the deed ready to pass to me. The county is running at about 3 weeks to file deeds (in my estimation based on my other purchases and sales), so I’m hoping that it’s recorded by the end of the month and that we’ll be able to move forward with the closing by early March.
After repairing the leaking roof a few weeks ago, we already have a couple hundred dollars into the property, but the seller has agreed to reduce the purchase price by $1500 to compensate for the additional damage that was done by the roof during this time when we couldn’t get this property closed.
Given the tremendous interest we’ve gotten on The Trifecta House — and given that the houses will be nearly identical after this rehab — I’d really love to get this house closed soon so that we can use the overflow interest from The Trifecta House to try to get The Leak House sold quickly…
I’m assuming you’re actively looking for more deals? I’m curious as to your thoughts on the market.
It seems to be getting harder here to find good properties at the low prices we saw a few months ago.
rinse and repeat. set the comps and go at it!
Hey Mark –
We’re finding a lot of deals these days, but have shifted our strategy to working on less rehab-intensive projects, so our pool of deals that fit that profile are somewhat smaller. It seems like there is a lot of inventory flowing onto the market, though a lot of it is Fannie Mae properties that have a “first look” period, where owner occupants get the first crack at the deals. Most of the good ones go quickly unfortunately…
Thanks J Scott, we too are looking for less rehab intensive projects but the numbers are rarely working.
We’re ready for one that’s just carpet and paint even if the profit is quite a bit less.
Mark