Wow. I mentioned in my last post how the purchase of The Full House was coming down to the wire, but I had absolutely no idea how tough this one would be to close. The listing agent (who was negotiating the short sale) was still trying to get approval for the deal 90 minutes before the house went to auction after the second mortgage holder threatened to back out of the deal!
The problem was that there were two mortgages on the property, and the first and second mortgage holders couldn’t come to terms on how much the first mortgage holder was going to allow the second mortgage holder to make on the deal. They were literally fighting over $117, and neither wanted to budge. Ultimately, the second mortgage holder realized that if they didn’t agree to the deal (and $117 less than they wanted), they would have walked away with absolutely nothing — that was enough to convince them to approve the deal.
So, at about 1:15pm yesterday (15 minutes before the deadline that the first mortgage holder gave us), we got the paperwork signed and the funds wired to the banks. Anyway, the house is now ours and rehab will begin in a few days.
We’re hoping to keep the rehab to about $15K — including a major (but not full) cosmetic renovation. Unfortunately, I didn’t get pictures yet, so those may have to wait a bit…