Closing!

Here is why you need nerves of steel to do RE investing.
This is a recap of what happened prior to close in the last week:

- Last Friday, notified that the bank need copies of cancelled checks for the previous flip property mortgage. All months. Was told this was the last thing they needed. Did that.

- Monday morning - was told the checks were fine, now the bank wants to verify the utilities are in working order. They were shut off and winterized. Bank says utilities must be turned on, and this was the last thing needed. I called to have the electric and gas turned on for Tuesday. The city refused to turn on the water prior to closing. We could not get around that - had several people call, no dice. So - we asked them for a letter stating why they wouldn't turn on the water to send to the bank.

- Tuesday - was told electric and gas would be on by 6pm. Great! Appraiser scheduled to come back on Wednesday at 9am to verify utilities are on. John and I go after 6 pm to light the furnace and turn on the main breaker. No power or gas. I call National Grid - was told the power was shut off at the street (which I told them yesterday) so it had to be turned on manually. They tell me someone will come out at some point during the night to do this.

- Yesterday - still no power and gas at the house as of 8am. Called and was told there was a mistake, the person who came out thought they had to verify the power was *off*, so did nothing. Idiots. Frantic to get everything on, since the appraiser was due out in an hour. Realize that this is unlikely - so call the appraiser and ask him to come a little later, but needed to have him there by noon so we could close the next day.
National grid comes out - power on, but furnace won't stay lit. (Don't care about that, just a service call there). However - appraiser doesn't know what to make of this. He took pictures of the gas stove lit to show that the gas was on.
All submitted to bank, we look good to go. Closing scheduled for 4pm the next day.

- Late yesterday afternoon, call from mortgage broker. Bank won't accept that the water is off, and wants the system pressure tested by a plumber. Told this is the last thing holding up the deal. Well - *we* know the system will fail the test, since we know there are broken pipes upstairs, the bank does not know this. I am now curled up in a fetal position on the floor.

- About 8pm last night, told we might be able to sign a waiver that we don't hold the bank responsible for any problems with the plumbing.

- This morning - said addendum is faxed and we got all needed documents and went to the closing table at 4:30pm. Since funds won't be available tonight due to the late closing time, all funds are going to be wired in the morning. All docs are signed and I will get the keys tomorrow.

What a nightmare!

Almost there

Well - we got the *last* condition from the bank late Friday afternoon. On my last flip - the mortgage never appeared on my credit report, so this bank wants copies of cancelled checks to show that the mortgage was paid. So - had to get copies of 4 months worth of checks.
That was the last condition. If for some reason, they don't like the copies I can't do anything else to prove the payments. If they do accept the copies, then we will get the clear to close.
FINGERS CROSSED!!!!

This might be the last stated income loan I try to do. Unless something in the market changes over the next 6 months.

Deal still alive!

Well, I thought this deal was on life support, but it looks as though it might go through after all!

Definitely need to sit down with my mortgage broker after this and go over all investor options that are open.
Stated income isn't likely to work anymore.
We are shooting for a closing date of 12/6 or a little earlier.

Mortgage issues

I am not sure the funding for this deal is going to go through. We are stated income, so it is already difficult in this climate - but it is really getting annoying.
The bank keeps asking for more information, and then doesn't respond with what they want for conditions. We have some conditions, but the bank says there will more *if* they decide to go ahead and fund.
MAKE UP YOUR MIND ALREADY!!!

Either yay or nay, but quit stringing me along. It's too late now to go for hard money, with closing date of Monday, so the deal will die.

Oh well, I think for sure next time I will do hard money to avoid all this crap. Just means I need to get the property for even lower.

Appraisal came in good!

The appraisal came in for the property. Got it for $90K and the appraisal came in at $110 in the current condition. Instant equity - gotta love it!

Mortgage commitment is being sent this week, and hopefully we can close in a couple weeks. I have until 11/20 - but hope to get in early.

Showed the kitchen pictures to my handyman to give him a heads up of what the project will entail.

Appraisal done

The appraisal was done on the property. We are now waiting on the results. Should have mortgage commitment letter today. Hoping to get this financing pushed through to get the house earlier than November 20th.

Inspections and mortgage done

All inspections on the house are done, and the buyers have mortgage approval! Yay! We have asked that they move the closing date up, as now it is wasted time since all approvals are done. Hoping they agree.


Have looked at a couple places. One would have been a nice rehab if it wasn't right next to train tracks and a factory LOL!

Also, have a multi family on the short list right now. Going to look at some more next week.