Set a closing Date

[slghmmr88]

Set a closing Date update (some people ****)

Finally got a closing date set for the 17th. Hopefully nothing else throws me under the bus. Not crazy about the rain (flash flooding) tonight, was hoping to get this deal done before the fall rains started (no rain all summer) cause the roof is shot(original 1983 roof and this is Oklahoma). Been working on getting this done for close to 6 months. (seller delinquent with first and second mortgages and has to be cash deal since house too deteriorated to qualify for financing now.) Hopefully won't incur too much more damage before I can get it secured and my roofer can get started. (He is set to start morning of the 18th cause I am having materials delivered 5:00 Thursday since closing is @ 4:00)

 

[Ghostrider]

Congrates, looks like you will have plenty of room. Hurry up and get the roof done. I'm just south of you when is the shop warming party?

 

[cowboyjosh]

Wow, a 1983 roof! Thats pretty impressive in any location.

 

[Red Leader]

Congratulations. It is a huge step

 

[camarotoolman]

we know what you'll be working on for the next 5 years!

 

[binkcat16]

thats a awsome shop wish i had half of that congrats

 

[Falcon67]

Nice - hope they stick to the schedule. our closing got moved twice. We got the key and started working anyway, would have told them to f-off if they said anything. Too much to do to wait for the bank to screw around and drop the ball a few times. It was a repo, so nobody really cared as long as they got the money.

 

[Yojinbo]

Best wishes on holding the date

 

[slghmmr88]

Another kick in the nards! A few hiccups and ball droppings (one is the owner who can avoid bankruptcy if my deal gets done, but just seems not to care), and I thought last night it was screwed but I believe we got things straightened out and now will close either the Monday or Tuesday after Thanksgiving. Keeping my fingers crossed and hopefully will not go postal if someone steps in my **** again.

 

[henrysgarage]

Looks like a good size house and shop. Lets hope all goes well for you. The house looks like it is sitting almost at grade level, does it have a basement?

 

[slghmmr88]

Not to many basements around these parts. House is a ground level in the front and property drops at about 20% grade to around 8 foot drop in elevation then gentle slope for a good distance.
Realtor called me at around 1:00 and said closing was move today at 5:00 cause another cash buyer had showed up with more money. Signed all my paperwork this evening at the title company and seller is supposed to be there in the morning to do his side (if he shows up), never met but even the lady at the title company said he is kind of flaky and just really doesn't seem to care even though a short sale is better going forward than foreclosure and almost assuredly a bankruptcy cause we negotiated the second mortgage holder to take 2600 for a 54K balance and release the owner. (Like said in another thread tonight "what is wrong with people?"
I guess I'll find out in the morning if it goes or not. Had already told the roofer to hold up and stopped material delivery and I am not turning on any clocks till the paperwork get done completely now.

 

[Hobbit]

Since this is a cash deal you make good and sure the title is clear before signing. Have someone check behind the title company. They are usually very through about finding ownership issues but I have had occasions where mechanic's liens & tax liens were not discovered. Since this is a Short sale & not a foeclosure these liens would not be wiped clean. Buyers title insurance might not be a bad idea.

 

[slghmmr88]

Yesterday. Seller pushed to closing to be moved up but couldn't be at closing till this morning and had even threaten his listing realtor. I borrowed money from one of my clients, he mortgaged one of his properties to give me cash to work with cause this property will not appraise for near what is owed on it plus some additional cash to get it secured, watertight, power restored and hopefully HVAC back in operation (hasn't worked it over 2 years). Title work done and for security title insurance arranged. Lot of work done, all that was needed was for the owner to sign this morning, title company even had the balance of funds I was borrowing made out ready to get to work. Contracts started about 6 months ago, with ongoing negotiations with the owners 2 note holders to get agreement on amounts to release the owner and the property.
Owner called title company this morning and said he wasn't going to sell and was filing bankruptcy instead, since he heard that he would owe taxes on the balance forgiven by the 2nd note holder as income. ( I talked to my tax man who is a former IRS, he said that would have been a simple to straighten out)
Pissed but my financier said let's sit on the cash for a month or so and if I can't get it at the sheriff's sale which is set for next month or find something else, then we will just give the money back before the first of the year.

 

[ZRX61]

Wow, a 1983 roof! Thats pretty impressive in any location.

Depends what it's made from, my parents old house still has it's original 1878 roof..

 

[oilslick]

what a rollercoaster, but sounds like patience will prevail at the sheriffs sale, by the way I have no patience

 

[Todd.Brock]

Just keep staring at your profile pic. That made me forget what I was doing a couple of times!!

 

[bazzateer]

Jeez! What a pain in the ****! Hope it works out for you.

 

[jhelrey]

House hunting myself. I know the pains!

 

[slghmmr88]

Update: new closing date set for January 4, because of not showing up back in November the first mortgage holder wanted another 2400, and i will have to pay property taxes at closing being it is after the first of the year, (but I was planning on paying them by the first anyway.) I will already have made my first mortgage payment since the money was borrowed back in November and didn't pay it back (with the prepayment penalty) to see if something would work out. The property had been pulled from the sheriff sale schedule I guess since the first mortgage holder thought it was going to close and probably why they increased their fees. He had his realtor call mine a couple of weeks ago and say he would go ahead and sell it instead of filing bankruptcy. (Probably found out it was cheaper to pay the increase to his income tax due to the write down of the second note than the lawyer fees and court costs to file bankruptcy.) Don't know if the 2 affidavits I filed on the foreclosure and on the title to the property had anything to do with it or not. I still had a valid contract in place and my deposit could not be returned to me by the title company till the contract was legally voided. The Title/closing company made him sign an extension before they would agree to reset the closing and both realtor's dropped their commissions to get this deal done. I guess we'll see come the fourth.

 

[Steevo]

Good luck, man. This sounds like a major pain in the **** to me, but the deal is there if it comes together.

 

[Falcon67]

Hang in there - maybe the end in is sight. What a mess. Moose and Rocko need to help the seller find the title company.

 

[slghmmr88]

Done, I am now a homeowner!

 

[bhclark]

Congrats!
Let us know how you feel after a week or so finding out the condition of the house.

 

[6768rogues]

My son's 10-man crew typically replaces a roof like that, plywood and all, in one day.

 

[NUTTSGT]

Done, I am now a homeowner!

Sweet deal man, where's the rest of the pics ?

 

[dmsween]

Congratulations. Looks like a beautiful piece of property. How much land do you have with it?

 

[JimVonBaden]

Congrats!

Jim

 

[slghmmr88]

I was so pumped about getting started on clean-up I started hauling trash out waiting for the dumpster to be delivered and wait for the utilities to be turned on, I had the camera in my pocket but completely forgot about it. I will try to get some today although some of the trash will be out of the way. I have the first 30 about 2/3 full and long way to go. Hopefully there will be enough room left in this first one to get either the last two bedrooms and one bath, or rest of the garage, but I know it won't hold both.

The trash outside will have to wait for the next one and the barn will probably take 5 to 6 10yarders since the big truck and larger dumpster can't get back there till I can get some trees out and larger road cut which I will have to do to get concrete back there for the floor. But that will be on phase two after I can get the house to qualify for a real mortgage. I've got 2.3 acres so I have plenty of room to put the dirt I take out of the barn to get ready for a floor.

I am a little concerned about getting into the attic, (after I get some more trash out of the garage so I can finish pulling down the attic ladder) cause the size of the '****" that came down when I pulled the ladder part way down was a bunch and about mid dog size. but I haven't heard anything and stuff was dry. I guess we'll see.

 

[bmwpower]

Dang, I hope it wasn't a dog. Poor fella.