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Old 04-07-2009, 10:15 PM
 
84 posts, read 250,942 times
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We had a bit of the same problem when buying a foreclosure, but it didn't take that long. We closed about two weeks after our planned closing date because they were having trouble locating all of the paperwork.
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Old 04-08-2009, 06:51 AM
 
Location: Censorshipville...
2,676 posts, read 6,239,535 times
Reputation: 1543
Quote:
Originally Posted by nwlv View Post
Is this deal a bust?
Suppose to close this Friday. I'll be calling my realtor today to see what his take is on it. If we don't close this week, I'll probably just walk away from this one and keep looking. I'll lose out on my inspection/appraisal money but lesson learned. Thanks for your interest.

There are plenty of properties out here, so I'm not emotionally attached to this one. I have a friend who is purchasing an investment property as well. There is a house that is on the market a few streets over that was recently fixed up. Plenty of people doing what I'm planning on...
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Old 04-08-2009, 08:12 AM
 
Location: Loudoun Cty, Virginia
738 posts, read 2,618,146 times
Reputation: 627
We had some delays in our closing due to Title issues as well on my townhouse (foreclosure). I found the title company we worked with to be extremely diligent in pushing stuff along. I made a few phone calls to put some pressure on everyone, but they told me it's pretty common for title issues to arise and delay closing by a bit.
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Old 04-08-2009, 09:49 AM
 
482 posts, read 1,219,666 times
Reputation: 87
The banks are always ready to charge you 100USD+ per day, for not closing on time. Do the same to the banks. Put it in the contract.
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Old 04-09-2009, 06:29 AM
 
Location: Censorshipville...
2,676 posts, read 6,239,535 times
Reputation: 1543
Quote:
Originally Posted by nwlv View Post
The banks are always ready to charge you 100USD+ per day, for not closing on time. Do the same to the banks. Put it in the contract.
That's what I was planning, they've yanked me around enough and I need my happy ending already...

I got a call from my realtor that the titling issue has been figured out and they want to close early next week. I'm pushing it back to the 17th.
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Old 04-15-2009, 06:49 AM
 
Location: Censorshipville...
2,676 posts, read 6,239,535 times
Reputation: 1543
I got my Hud-1 this morning so it looks like Friday is a go
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Old 04-17-2009, 08:19 PM
 
Location: Censorshipville...
2,676 posts, read 6,239,535 times
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I finally closed on the house today!!! I met my realtor to do a finaly walk through. Everything appeared to be the same from when I was there doing the home inspection. He pointed out the repair that was done on the sill plate. Closing was uneventful. My lender and realtor were both there. My realtor said not many lenders show up to a closing, but my lender also showed up at my closing in 2003. I guess that's just something extra he does, and it's nice in case any questions would come up.

I'm so happy that this part of the project is finally over. That was probably the easy part. Now I get to mess with actually rehabing the house. Fortunately this weekend is going to be nice because I'll be at the new house the entire weekend.
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Old 04-17-2009, 08:40 PM
 
482 posts, read 1,219,666 times
Reputation: 87
Congrats! It's a battle. Persistence is a must.
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Old 04-18-2009, 03:43 PM
 
Location: NoVA
230 posts, read 1,047,786 times
Reputation: 124
Congrats. Take each thing one at a time. Hopefully in a year or so, when the place is cleaned, updated, and sparkly, you will be very happy with your deal.
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Old 03-15-2010, 12:21 PM
 
Location: Censorshipville...
2,676 posts, read 6,239,535 times
Reputation: 1543
Just want to update this thread now that I've gone to the next step and it's rented out. So after buying this property in April 09, I spent the next 6 months working on it. I did most the work myself though I did bring in a contractor to do some things that were above my skill level/time constraints. I did my first tiling job which was easier than I expected and turned out better than I thought. I also spent more money than I had originally budgeted but I didn't expect to need a new roof so soon. Since the windows were older, I also had those replaced at the same time as the roof. After I got it all fixed up, I moved into it for a few months to give it a dry run. I did have to fix a couple more things so it was good that I found them before any tenants were moved in.

I bought the property for 162500, and got 4650 in closing costs from the bank. I put in 16000 in repairs that included a new roof, carpet, windows, electric range and dishwasher. The experience I gained though is priceless. I'm a big believer that the best way to learn is through making mistakes. I learned a lot and made some mistakes

I listed it on Craigslist and didn't have any issue getting it rented for $1600 a month. The rent pays well above my PITI so the rest is saved for eventually replacing the water heater, heat pump and AC unit. Those are the oldest components in the home now. Even in the brutal winter we had, my electric bill topped at $160. Not too bad IMO.

Would I do it again? Definitely! I'm already saving up for my next one, though it'll probably be another 1.5-2yrs before I can have the finances ready. It might be sooner if I can do a partnership with my friends that are budding investors too, but we'll see about that. I figure the first one is the hardest, so hopefully the next goes smoother.
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