House #4 – Fell Out of Escrow..Maybe..

P5280015House #4 is the house we have owned for the longest right now.  We closed purchase escrow 10/31/08 the rehab took a long time because we did an addition and had huge issues with city Code Enforcement.

The buyer has a great credit score and has more then enough cash to get it done, but she has a car payment that is $500/mo.  So she cannot get approved for any loan.

We put it back on the MLS and have quite a few people looking at it (and even one low offer).  We are considering carrying a small second and letter the buyer completely pay of their car so they can qualify… I am not that anxious to take a second, but if it’s small enough it’s worth thinking about it.   We have a ton of cash tied up in this house and our hard money loan balloon payment is due 11/03/09 so we don’t have a ton of time.

So if we can’t close with the existing buyer we will put it into escrow with someone else and hopefully we can get it all done pretty quick.  If it falls out again, I will probably have to pay off the hard money loan and tie up even more cash into this property!

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