House #92 – Third Time is the Charm

House #92 is an interesting story.  GMAC was the bank that foreclosed on it.  We bought it the first time in August of 2010, it was still occupied and we would have been responsible to evict the tenant.  About two weeks into escrow the bank cancelled because the previous owner was starting a lawsuit trying to nullify the foreclosure.

About two months later, the agent called and said everything was resolved again and we opened escrow.  This time it took a month, but they called and said they couldn’t provide clear title this time either.  We cancelled again.

We got pretty excited when she called last month and said the house is ready to go again.  We closed escrow two weeks later.

This is a pretty good house that is a 2 bedroom, 1 bathroom on title; but in reality it is a 3 bedroom, 2 bathroom with a bonus room.

Our rehab was finished in about two weeks.  This house had a ton of tile that is a bit on the ugly side, but we decided to keep it.

 

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5 Responses to “ House #92 – Third Time is the Charm ”

  1. Matt Kearney says:

    Hi Steve,

    Are you still renting most of the homes you are purchasing?

  2. Steve says:

    For the last years it has been about 50/50. This one we are selling. Just accepted an offer today.

  3. Lin He says:

    Did you get a discount every time the bank canceled escrow?

  4. Steve says:

    I wish. I did get first shot it at it every time and the asset manager accepted my offer when they had a lot versus sending it to highest and best.

  5. Don’t you hate it when the houses have a lot of ugly tile but it is in great shape? I’ve had this dilemma several times and it has always been a tough decision. When it is a big house it is usually tempting to keep it at the expense of longer hold times.

    Good luck with it. The rehab looks great.

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