The Silver House: No Go

June 17, 2011 · 0 comments

Looks like we won’t be purchasing The Silver House after all…at least not based on our original contract…

The seller has had issues getting clear title (my guess is that they put off filing the foreclosure deed and are just getting around to it), and we don’t want to wait. Normally, we wouldn’t mind giving it a month or two, but in this case, the property is being sold by Fannie Mae, and they have a clause in their contracts that will restrict us from reselling the property for 90 days after we purchase it.

At this point, we likely wouldn’t close on the purchase until mid-July, which means we wouldn’t be allow to resell it until mid-October, which isn’t a very good time to sell a house. If it were a better deal with higher profit potential, we’d likely take that chance, but if we have to wait until October to resell, it’s very possible that we wouldn’t even be able to hit our minimum profit target.

We tried to negotiate with the seller — we asked for a $2500 price reduction — but they were unwilling to make that concession.

Anyway, looks like we’re still searching for House #25…

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