Well, I am officially no longer under contract on the Tree Times house. A sad situation arose out of backing out of the deal. The sellers agent, who has been pleasant to work with so far, turned ugly. My agent called to tell her the deal fell through. The lender simply did not come in high enough on the appraisal. She proceeded to cuss my agent out and accuse him and me of doing this intentionally. (Yeah, I love giving up $1000 earnest money, just for fun) She also threatened to turn him into the board of Realtors. If she only knew my buyers agent, she would know he has the highest amount of integrity of anyone I have had the pleasure of working with in the real estate field. Its the main reason I do work with him and I refer him to anyone interested in buying. I feel bad that he has to put up with someone that has such an utter lack of professionalism and integrity of her own. There is no call for abusive language or behavior. She accused my buyers agent of giving the lender the lock box code since the lender never called her for it prior to giving the appraisal. This is a hard money lender, hello! His appraisal is on after repair value combined with the scope of work. He doesn’t need to go into the property if he doesn’t want to. Its his money. Really a shame. I had planned on putting myself on her buyers list for future deals. She lost more than one commission to be sure.
As far as the other (our new home) house, things are progressing. The 1st lien holder has pushed for a closing on Sept 30th. Pretty quick. We jumped through some hoops, but should be able to close by then. I would like to push the closing off 1 day though. An Oct 1st closing will allow us to make our 1st mortgage payment on Dec 1st rather than Nov 1st. That’s slightly over $1000 that can be deferred while incurring the moving and rehab expenses.
The inspection came back with some pleasant surprises. Everything installed in the house was once top of the line with a long life. With a bit of maintenance, most items in the home should be in good shape. Also, I confirmed hard wood under all the carpet. That is very very good news. A sewer line replacement was completed within the last 5-10 years. Were still verifying with the original contractor. The owners kids will be moved out within the next few days and I should be able to get more contractors in for bids. My wife and I are currently deciding whether or not to get an interior architect to help with any of the design changes. We may just go to home depot or sears with measurements. Either way, were both tweaking our rehab budget and plans to fit our needs.
That’s all for now. I leave you with this quote “It is for us to pray not for tasks equal to our powers, but for powers equal to our tasks, to go forward with a great desire forever beating at the door of our hearts as we travel toward our distant goal.” Helen Keller
