What we got going on…

Sorry again for the lack of activity, I have been swamped with a couple other businesses I’m involved in and getting our existing properties into escrow.

House #6: This house has been in escrow forever now, since March.  The buyer had credit issues that are now fixed, but the agent has not been ideal to work with.  I think she has been stretching the truth the whole way through (but what agent doesn’t :)).  It is set to close within the next week, if it does not, I have an $8,500 earnest money deposit that I will be keeping (and won’t feel very bad about it), as they have removed all contingencies.

House #5: This one has also been in escrow for a long time.  We’ve put the property back on the market (and got an offer today), but my escrow officer has a connection at the loan company and it sounds like this one should go through with the existing buyer before the end of the month as well.  This one has been in escrow about 50 days now, which is a long but seems to be the norm on FHA sales right now.

House #8: This one has been in escrow 45 days now, and we have all loan conditions removed, just waiting for docs.  Should close mid-next week :).

House #11: Apparently, I haven’t written about this one at all, but this one we picked up at a sweet deal!  We accepted a really high VA offer, but VA appraisals are assigned randomly and the appraisal came in $28,000 under what we had it in escrow at.  We had a couple backup offers that fell through, so we did some fancy negotiating but still took a $15,000 hair cut (from original).  Luckily, it is a meaty deal, so there is still pletny of profit.

House #4: I will write about this one and upload some pictures.  We put it in escrow about two weeks ago, appraisal was good and we’re have a strongly qualified buyer, so I am hoping for smooth sailing.

The good news, if everything goes as planned we should close four properties before the end of June.

The bad news, we’ve looked at over 100 properties in June and probably made at least 50 offers.  So far we’ve missed everything, and not by just a little bit.  The moratoriums have really made the market go haywire.   One property was listed at $89,000, we were willing to pay $115,000, it ended up getting 40+ cash offers and went into escrow at $144,500.   Just amazing!  We’re going to keep on looking, hopefully I’ll have some time to catch up on the older blog posts.

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2 Responses to “ What we got going on… ”

  1. Sandra says:

    Unbelievable on that last note! If the pickings are slim for investors, then the average homebuyer just doesn’t have a chance.

    We are strongly considering the Hard Money route!

  2. Steve says:

    You can talk to a couple hard money lenders and see what they offer. Most of them are really busy in this market. But if you have a bit of cash and a good deal, most will give you the loan.

    I made a post that summarizes how they work. http://buildbankroll.com/2009/02/california-hard-money-loans/

    Good luck!

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