House #37: Pictures & Update

September 4, 2012 · 6 comments

If you haven’t been following the craziness of The WTF House, read this to catch up…

Things are still crazy. As of this morning, the listing agent is telling us that she’s spoken with the bank negotiator and verified that the bank will still accept the wire transfer today (even though it’s past the approval deadline). The closing attorney is refusing to wire the funds to the bank until she gets something in writing to that effect; I don’t blame her…it’s her insurance and reputation on the line if she wires the money and then somewhere down the road the bank tries to foreclose and causes title issues.

So, the closing attorney, listing agent and negotiator will be having a conference call this morning to discuss and hopefully work out a resolution. On the bright side, the sellers got all their stuff out of the house by the deadline, so as soon as the house is officially closed, we can start work.

In the meantime, here are some pictures of the house (taken Saturday morning before the move-out was complete):

The WTF House: BEFORE Pics

I’ll post another update tomorrow, hopefully with good news!

EDIT: Just got word from the closing attorney that the negotiator is requesting a rush approval letter to extend the closing date to today. If we can get that letter today, the funds will be wired today and the deal will be done.

6 responses to “House #37: Pictures & Update”

  1. Tom Greene says:

    That is much better than I expected. I hope they can work things out. I would think a simple amendment to the previous agreement would suffice. But hey I’m not the attorney whose reputation is at stake.

    I bet you have it on the market well before the end of the month.

  2. Jingle says:

    Amazing what $95K will buy in Atlanta. Looks like money to me!

  3. Nathan says:

    Nice curb appeal… is this house at the same size and price point of your others? Looks bigger in the pictures. What’s the plan? Looks like the kitchen could use some real tile and appliance upgrades… are the counters pretty laminate or granite? Cabinets look nice. Bathroom also needs some updating… after that… a REALLY good cleaning crew 🙂

  4. J Scott says:

    Tom Greene –

    The issue isn’t the agreement between the buyer and seller (in which case an amendment would take care of everything). It’s that the lender — who needs to approve the sale in order for it to happen — only gave approval for the sale through last Friday. So, once last Friday passed, it was as if the lender had never even given short sale approval.

  5. J Scott says:

    Jingle –

    I’m actually pretty surprised what $95K could buy in this case. ARV is somewhere around $170K to give you an idea of what this will sell for once fixed up.

  6. J Scott says:

    Hey Nathan –

    This one is a little bigger and nicer than most of our others, and is in a bit nicer of a neighborhood. This will retail in the $160-180K range once completed.

    We’ll be doing some work in the kitchen — new cabinets, granite countertops, wood floors, upgraded stainless appliances, knocking out part of that faux wall, etc. The current counters are laminate.

    As for the rest of the house, we’ll do a full cosmetic update — new flooring, paint, all new fixtures, new vanities, some new doors/windows, etc. On the exterior, there is some stucco work, painting, some concrete work and some carpentry, but nothing too major.

    I’ll post the full budget in the next day or two…but it’s looking to be about $35,000.

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign up for our Newsletter and get immediate access to our FREE 150+ Page eBook on New Construction, plus all of our business tools: Single-Family and Multi-Family Business Plans, Rehabbing and Buy-and-Hold Spreadsheets, Contract Templates, and more!
We respect your privacy. No Spam...EVER!