The Universe Works in Really, Really Weird Ways...

[Linda Weygant]

As anybody who has seen my posts realizes, I do nothing but b##ch about how tough the market is in Denver.  Well ok, you say b##ch.  I say "discuss in depth".

That, and talk about taxes.

This week, some condos came on the market in a complex that I already own one in. I like this complex because the HOA is financially solid, is great about maintenance, has always answered the phone when I call and does not seem to be overbearing jerks like some HOA boards are.

So I thought, what the heck.  Last night about 10 pm, I put offers in on all 3, thinking I'd be darned lucky to get 1.  These would not be spectacular home run type deals, but they would be solid single-hit type deals.  They will cash flow well and the entire complex has been appreciating steadily.  We decided a few weeks ago to not do another rehab project as we have a lot going on this summer and didn't want a remodel going on as well.

Well darned if I didn't get a call at 10:00 this morning letting me know that one of my contracts was accepted.  Yahoo!  Nice.  Call my lender, start the ball rolling all is well.  Then, as I'm coming off the high from that, I get another call at 2:00 letting me know I'm under contract on another one.

Holy ****!  OK - Crunch some numbers.   Yep.... I'm pretty sure I can do both deals, but need to talk to the lender to make sure.  No worries.

Get a call on the third one.  They were going to make a decision tonight, but there's been some personal emergency, so they're asking the top 5 candidates if they can wait an extra day.  Sure, no problem.  If I get this one, then I think I've got a couple of choices:

1.  Try to speed push a refi on the primary residence to get enough for the third downpayments and some reserves on all three properties

2.  Try to assign one - except the contracts I signed were indicated as not assignable, so I probably can't do this unless I ask the seller if I can re-sign the contract and indicate it as assignable.

3.  Hope an inspection contingency comes up on one of them.

4.  Try to find some different financing for the third one.

Has this happened to anybody else?  What did you do?  My biggest problem is that if I do end up getting the third one, it's going to be my fifth mortgage and the rules are all different for that.  Can anybody offer up some advice?  I could also use a voice telling me to calm down and quit panicking.

[James Birdsall]

@Linda Weygant I have a story like that but in a different area. It was in 2007 and we were finishing up some projects (we built houses in Mendocino County, CA) and I had been out hustling new business and had three signed contracts for new houses waiting for financing to come through. It seemed like it was taking a long time, been waiting almost 4 weeks, and I didn't want to waste time sitting around so I decided to remodel our main bathroom. Complete tear out and everything new.  I had all the appliances lined up, tile, etc. and it was the day to start. I started by pulling out the tub, toilet, vanity and started pulling the wallboard. The phone rang. It was the one of the contracts, they got the money and were ready to start. Great. The foundation work could start without me and I could keep working on the bathroom. Around lunch time the phone rang again and it was the the second contract, financing went through, when can we start? This is going to be a stretch. Of course, later that evening the third contract got their financing. I lay awake that night wondering how this was going to work with only 5 guys on my crew building three houses at once. I ended up having to hire some local guys to finish the bathroom for me if I wanted to stay married. It all worked out in the end but was a bit stressful. I have no advise as I am not a financial guy but just don't panic, it will work out.