Bennie- Another Accepted Offer

OK, you are messing with my mind here! (Not necessarily a difficult thing to do) I read this post, looked at something else and came back to post and it was MIA! I see it is back so I am posting before it is gone again!

Congrats on this acceptance! It sounds like you definitely know what you are doing so this will be a very good learning thread for many of us. And a video promised for the future? Keeps getting better and better!

Cheers!

Karen

You have encouraged me to continue sharing. That really inspire me, to continue to share. I soo much appriecate you. Thank you.

Somewhere along the line, somebody helped us when we first started. The greatest gift we can give anyone is hope and then "teach them to fish".

No greater joy!

Karen

Yes, If the lender tomorrow approves the deal. I will document it on this thread from start to finish. Too include the closing to every phase of the Rehab. I wont leave a thing out and get it on video if someone share how I get the video onsite:)

Bennie,
congrats on getting your offer accepted;
... just to clarify things for those who have never bid/gotten an offer accepted by Home Path, even though the offer has been accepted, as the last sentence states: 'the Agreement remains subject to acceptance by the Seller and must be signed by all parties in order to be binding', until Home Path's representative signs the documents (and return to buyer), they could still accept other offers, if they so desire...

also, as a new investor, I would not put down my EM without already having my buyer lined up to purchase the property, or having my contractor done an inspection...

wishing you continued success,

I just had an offer accepted as well for a Short Sale and supposedly I am in first position. I don't quite know what that means, but my agent states that although the offer has been accepted by the seller, It's the bank that has to agree.

I did put down EM and I'm wondering if that was the right thing to do. Let us know what happens Bennie. I am really curious. Best of Luck and many Blessings.

Happy Investing,

Romaluv22
Signing out,

You are absolutely correct it is not an executed contract or ratified until all addendums and signatures are signed by all parties. I have the ratified contract.

Also for clarification this is a property flip and complete rehab not a wholesale. It also has a 90 day deed restriction which isn’t a problem. My rehab will take 45 days and it will take another 30 days to close for a would be buyer. I will schedule the closing after the restriction period is up on the end buyer side.

The biggest hurdle is getting the lender to give me the green light. Most lenders in this area don’t even waste their time if you don’t have a ratified contracts, I can’t blame them.

Basically you have the highest offer. The bank must approve the short sale price. I have seen the bank totally decline my full list price offer and at the same time had no other offers...explain that.

The bank makes the rules but seems don’t have to abide by them. If I declined a full list price offer and increase the price on one of my listings for a qualified buyer all jelly beans would break loose.

I hope they approve the short sale price and your offer.

I met my lender today for my next potential project. I gave him my CMA I prepared and the numbers he requested. I walked through it with the construction phase and schedule. He liked the property.

However he told me he needs to go do is numbers, so I will know more by the end of the week if he will finance this or not. Wish me the best please.

Just to let you know, I am former 18bravo from another era. I have been reading your posts and you are on fire my friend. Stay the course and much success to you....Jan

you mentioned Valerie, Thanks!

Way to go! Can't wait for the videos, great idea.

I was 18 SPS (AF) out of Kadena Japan, Also 1 SPS out of Langley. Much respect to 18 B. Thanks for the encouragement its sincerely appreciated.

I have my fingers crossed. I haven’t heard from the lender yet. When I was at the property previewing it with him, he didn’t have too much to say. Just a few “un huh’s” and “ok”. I don’t know how this one will go. We will see soon.

Not to get off REI. Spent some time around Langley, Va.( FARM)before going to EL Salvador.
Keep up the great work brother, I really enjoy reading your posts...Jan

Did the inspection and come to find out the grading on this property will cause some problems with standing water and Its not in the budget to correct such a defect. That’s my professional answer as far as my property inspection is concerned.

As far as my lenders, my primary one has changed their lending criteria and this property does not meet their criteria. They used to approve the deals I wanted with not a lot of hassle; however times have changed for them now. My back up private money lender is out of the country. I have other lenders but they cant act as fast as my 1st two. By the time they get out there and approve or disapprove the project my property inspection period would have ended and I don’t want to go outside my inspection period and breach the contract if they do not approve the project.

So I figure the best thing to do was to do the release agreement and write some more offers based on the new criteria of my 1st primary lender. What do you all think?