House #3: Going to Closing

September 10, 2008 · 2 comments

It’s a week and a half past the contractual closing date on The Second Chance House, and the bank finally got clear title and the go-ahead to close. In the past two weeks, two other things have happened:

  1. It appears someone came in and stole the air conditioning unit from the property. While my purchase is as-is, and there is not obligation for the bank to reimburse me that cost, I asked for $2000. They agreed to give me $1000, citing the fact that I already took them for $13,000 on this one. Fair enough.
  2. I’ve also secured a new financing option, and plan to use it for this property. Unfortunately, the bank hasn’t been able to get me the contract amendment for the $1,000 price decrease, and the lender can’t start processing the loan until that amendment is signed.

Finally, I received a copy of the amendment tonight, and sent it over to the lender. They’ll put the loan in the system tomorrow, and hopefully have the go-ahead by end of the week. I believe the lender is planning to schedule the close for next Wednesday.

The extra time on this one was nice; it gave me the opportunity to find a new GC, negotiate a fair price on the work, and I’ll be signing the contracts with him hopefully today.

I’ll let you know if we really do close on this one next week…it will be nice to get #3 underway…

2 responses to “House #3: Going to Closing”

  1. Dave says:

    Hey Jason,

    I don’t know if it’s appropriate here for this blog, but do you have anything written on negotiating? Thanks, if possible.


  2. J Scott says:

    Great topic, Dave!

    I’ll definitely write some future posts about my negotiation experiences with this business! I still have a ton to learn, but I think I’ve picked up some very useful tips so far…

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