#5….In The Nick of Time!!!!

This was a really solid split level, 3/2 – 1700+SF home in a part of town that everybody and their brother is looking in….Investors anyway! It has VERY large man cave that has about 25-30LF of Built-ins from floor-to-ceiling, and a nice Florida Room just outside of it!! Just needed a Unit, kitchen flooring, and a little upgrade from the 70s! LOL!

This was a lead from a source my partner had run across. This guy (source) is a Broker/Auctioneer and handles civil court Receiverships, etc., and has several houses in this particular part of town. NO Assignment of Contract….always a Dbl Close! Usually with a 10% EMD. This one was only $500 because this house was actually donated to the Broker’s local Masonic Lodge by the heirs, and not in “receivership”. We actually made an extra $1K as I charged my Buyer $1,500 N-R EMD!!
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We negotiated the purchase price at $30K. I called one of my Buyers up immediately and he went and walked it. Started asking price was $39K and he tried to low-ball me at $35K and split Closing Cost….saying “It’s just really too big for a rental and the extra expense for the Tree Surgeon, etc….blah blah blah! I texted him back and countered w/$37.5K and that HE pay CC. I told him to just work with me; that it was a REALLY nice house and worth every penny….Not expecting him to bite! He texted back almost immediately agreeing to my counter and asking how much the EMD was!!!

He went right back and did another walk-thru with his GC to just confirm everything. When he was finished; I got a text that the EMD Check was in the microwave! Hahaha! Of course, you know I went right back to make sure none of the vandals got lucky when micro-waving their popcorn that night. LOL! The power was actually on!!

This was on 4/10, and we got ready for a fast close….NOT!!! Even though the lady (original owner) had been deceased several years; an old HELOC loan of $67K from 1992 showed up in Title search! It was originated by SouthTrust Bank, bought out by Wachovia, bought out by Wells Fargo! Of course, it was never recorded electronically, and we had to wait for the bank to hit the “dungeon” (paper archives) before getting the release letter! Thank goodness our “Broker” guy was good friends with a VP at Wells Fargo!! Whew!!! We bugged him almost DAILY!!!!

We finally closed on Monday 4/29! Went smooth as silk….Did B-C at 1:00pm and came back at 2:00pm for A-B. We had to pay CC on the A-B transaction, but got a decent rate from my closing atty….$489 (split 50/50 w/partner).

With the $500 for my half of the “extra” EMD; my take was $4250. Not too shabby, but just in the nick of time! I had gone since 3/19 since my last closing; w/the exception of the $1K Referral Fee on 2 houses paid on 4/26. We were more than FLAT A** BROKE! So, with this deal; total earned for April was $5250! I’ll take that ANY day!! Oh yeah, total time spent on this deal was about 3 hrs….say, 3 round trips to the house!! ……

BTW; the Buyer decided it was too nice of a house to rent and is going to retail it. He said that he was gonna put $20K into the rehab/remodel (won’t take that much) and should sell at $85K-$90K. It’ll be at least a NICE $25K+ profit for him!!