Update for 4/19/2012

April 19, 2012 · 4 comments

I’ve spent much of the past week trying to clean up this site after getting hacked. Nothing you likely would have noticed unless you did a Google search for something on the site, in which case you would have seen links and content for prescription medications instead of my real estate content! I couldn’t figure out why our traffic has dropped off so much the past few weeks, but I guess that’s why. While the site has been cleaned up, unfortunately, the Google spam is still there, at least until Google reindexes us…

Anyway, here’s a quick update on all the houses:

House #28: The Full House

This whole financing process for our buyer has been immensely frustrating — the mortgage broker has missed several items that have caused delays, the agent is unresponsive (except when she needs something) and the underwriter takes 50% longer for every turnaround (3 days instead of 2) than most other underwriters. But, this is completely our fault — we knew going in that by allowing the buyer to use this broker, things could be difficult, and we decided to allow it. So, I guess we need to stop complaining now.

On the bright side, we *FINALLY* got the clear to close yesterday, 4 weeks after the contractual closing date. We’re hopefully closing tomorrow…I’ll post an update if we actually do…

House #29: The Ticket House

We still don’t know whether our buyer for this property is going to be able to get his financing. We’re scheduled to close tomorrow, but given that he doesn’t have preliminary approval on his loan and neither of the appraisals have been ordered, that’s not happening. In fact, best case, we’re still two weeks away.

Since the contract is technically expiring tomorrow — and because the buyer wants more time to try to get his financing in order — we’ve decided to extend the contract with a “kick-out” clause. This means that we’ll extend the contract, but we’ll also start to market the property again; if we find another buyer, the original buyer will have 24 hours to figure out if they can move forward, and if not, we can go with the new offer.

House #31: The Puzzle House

Still haven’t gotten any new pictures posted, but renovations are moving along nicely and we’re about 2 weeks from completion. At this point, the exterior is basically complete (still need to fix gutters and do some landscaping) and the interior is being put back together. The house is painted, hardwoods are installed, cabinets are installed, and over the next 10 days we’ll be finishing the plumbing, electrical, granite countertops, appliances, trim, carpet and touch-ups. Hoping to have this one on the market by May 1 (less than 2 weeks from now).

House #32: The Unexpected House

We’re still under contract on this one, and given that we are not allowed to sell the property until mid-May, we’re not rushing the process. All inspection repairs have been completed, and the next steps are reinspection and appraisal. Once those are completed, the underwriting process should be pretty quick, as this is a NACA loan.

I’ll try to post the final pictures this week as well…

4 responses to “Update for 4/19/2012”

  1. Nathan says:

    Sounds like you guys need to get back to marketing and locating the next deal… if I’m reading that right, you’re two weeks from being idle! Where are the offers on the new projects?

  2. J Scott says:

    Hey Nathan,

    This market has been pretty tough the past couple months — low inventory and lots of competition. Though it sounds like a lot of markets are experiencing that same thing right now.

    Currently, we have offers on lots of short sales and are starting to explore some new things (new markets, new strategies, new marketing techniques, etc). I’ll update once I know what I’m doing… 😉

  3. T says:

    yep – i’m experiencing the same market conditions in my area- very low inventory and very high competition. The few good REO’s that show up in the mls turn into bidding wars, often with 5-10+ people fighting for deals.

    can’t wait to see the puzzle house come together!

  4. Mark in Fl says:

    Same in NW Florida. Low inventory problems.

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