This is how it looks day one of closing.
Kitchen needs a little work. Yikes!
Kind of scary in here! Where’s the lights?
Okay, too much color! Wow!
—
So the closing went well, but leading up to it was like sitting in the dentist chair waiting for my cavities to be filled…long, drawn out and painful!
I had a contract on the property. I also had buyers who wanted the property and also wanted to partner on the rehab with me after the double close. Two weeks out they got cold feet so I had to find another partner. That wasn’t too difficult, I had a new partner in 15 minuntes.
Anyway, closing was 2 weeks out, so that my new buyer into a time crunch. We really had to scramble to get things together, but it finally all worked out. Prior to all this, I had verified with the Title company that my back end buyer could fund my front end close, so I didn’t need to get any type of funding. So I thought…
A week prior to closing, I followed up with Title to make sure we were still good to go. They said yes, but that they discovered the bank addendum had changed since their last closing and that I needed my own funding. My buyer could no longer fund my purchase. CRAP! Now what? I freaked out! I called all the Hard Money guys I knew in and emailed all my investing friends that I had and asked if anyone had Flash Cash I could use. It took a little bit, but I got it done within 48 hours, Whew!
Finally closing morning came. My realtor went in early (because of work) to sign all her documents 3 hours before we had to close. Then she called me to ask if I had the wire transfer ready? I said WHAAAT?! They told me I could use certified funds or a wire transfer, either would work. I had my Flash Cash ready to go in a Bank Certified Check, but now I needed a wire transfer? Good Grief!
I called my guy at 8am (hoping he was already up for the day) and left a message that we needed a wire transfer. After I left the message, the Title lady walked up to me and said that as long as it was a check from a local bank they would make this exception. That was nice but still doesn’t put me as ease yet because I don’t know if he is using a local bank or not. The next 35 minutes lasted forever…I didn’t know if I was about to lose the deal.
During all of this, my back end buyer came in at 8am to close. 15 minutes later, he’s done. 8:35am my Flash Cash guys calls and says he’s good to go, he’s got a local bank check. Whew! I can breathe.
10:30am all are present and accounted for, 11:00am we have bought and sold a property and are ready to start the rehab project.
It was all a bit stressful but it worked out in the end. In a Nutshell this is what happened: I got the property under contract, I found a buyer, I got a small fee up front, and I partnered with the same buyer for a split on the back end to do the rehab work for him. So far no money spent, a little stressed out but no risk.
Del.icio.us
Facebook
