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Update for 3/27/2009

March 27, 2009

Here’s a general update on all the properties: House #1: The Corn House As mentioned previously, The Corn House is under a Lease Purchase contract for the next 5 months, and hopefully we’ll be able to sell it by August. We met with the buyers a few hours ago to collect the security deposit ($1500) […]

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House #5: Contract Signed

March 27, 2009

After all the craziness this week with the woman negotiating for The DIY House, I thought there was very little chance that we’d ever get to a final contract. She obviously was having cold feet (understandable for a first-time buyer), and I wasn’t sure if there was anything we — or her agent — could […]

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House #5: Contract Stalled

March 26, 2009

I mentioned the offer we received on The DIY House the other day…unfortunately, after several rounds of negotiation, we still haven’t finalized a contract… Personally, I think the issue boils down to the fact that the buyer is getting cold feet. We’ve made what we believe are some very large concessions, and have even spoken […]

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House #3: Moving Forward

March 25, 2009

As I posted the other day, The Second Chance House is under contract, and the buyers are moving forward full-steam. While they currently live out-of-state, they’re really on top of things, making our lives a lot easier… On Monday (12 hours after they signed the contract), they had an inspector come out complete a property […]

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House #5: First Offer

March 24, 2009

It’s been a good couple days… After receiving an offer on The Second Chance House less than 48 hours after putting it back on the market, we received our first offer on The DIY House today, just a week after putting it on the market! It was a very reasonable offer, and while we’re negotiating […]

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House #3: Second Offer

March 23, 2009

If you’ve been following the “exciting” drama of the past couple days, you know that the contract on The Second Chance House is now officially dead. On Friday, when it was clear that this deal was likely not going to close, my wife scrambled to get the house back in to showing shape — she […]

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Broker Frustrations (Part 4)

March 21, 2009

I’m expecting this is probably the last update in The Second Chance House mortgage broker drama, but wanted to update my readers on what’s happened… We sent the final extension amendment over last night (the one that said they must put the rest of the down-payment into escrow and pay $100 per day penalty until […]

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Broker Frustrations (Part 3)

March 20, 2009

After several days of dealing with the drama of The Second Chance House buyers, their mortgage broker, and their real estate agent, things finally came to a head yesterday. Most importantly, we found out that there was an important piece of information about the buyer’s credit that we were never told — they have a […]

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Broker Frustrations (Part 2)

March 19, 2009

I wrote yesterday about the difficult situation I’ve been having with a mortgage broker representing the buyers of one of my properties. Between the comments on my post and the comments on a couple Internet forums I frequent, the advice and feedback I’ve gotten has ranged from “You just have to sit back, wait, and […]

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Mortgage Broker Frustrations

March 18, 2009

Just thought I would take a couple minutes to vent some frustrations, and perhaps solicit some feedback from others who may have some ideas on how to proceed… The not-so-quick story: The Second Chance House has been under contract for nearly 6 weeks now, and we’re about 3 weeks past the original closing date. The […]

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