All Forum Posts by: Adrianne G.

Twice our refi company has sent out a job on the appraisal marketplace to develop a 1007 rent schedule. Twice the job has come back unfulfilled. They are offering it out again, but I’m feeling frustrated since we were supposed to close in early May. Is there anything I can do besides wait? Thanks in advance!

The mortgage company (Rocket Mortgage) has said there is a backlog, but I feel like there is something else up. Any suggestions out there?

@Bill Exeter is there a maximum amount of time within which sale proceeds must be reinvested for a 1031 exchange to work? For example if you sell and investment property in year 1, by when does it have to be reinvested - is it 40 months? Thanks!

@Bill Exeter thank you!

If you own an investment property, and want to sell it to purchase another investment (and haven’t lived there for 24 of the last 60 months -i.e. ineligible to sell the property and avoid capital gains), is your only other option to avoid capital gains to sell the investment property via a 1031 exchange for the like kind purchase of another investment?

If you use a 1031 exchange, do you have to buy/make your next purchase offer contingent on 1031 or is it paperwork you work up alongside the transaction?

Thanks for any suggestions on where I can learn more!

@Steve Morris thanks Steve!

Here’s where we’re at: preparing to close on the originally agreed upon date of 2/16.

The seller is saying they want to decide on 2/15 (a holiday) if they want to extend the closing.

At this point we are not feeling willing to extend closing. We want to close on 2/16 and will be prepared to do so.

However, I’m concerned that 1) the seller will not have made the agreed upon repairs

2) the seller will not be moved out.

Grateful for any thoughts, BP!

@Steve K. Thanks,Steve. Good insight.

@Bill Brandt Thanks very much! For all readers, we do plan to stick with the original agreement, however, would be flexible time wise to meeting the seller somewhere in the middle. However, they are not communicating with their agent whatsoever. We aren’t willing to give the seller free housing, but also want the transaction to go positively and don’t want to have to evict or gain possession of a destroyed property upon closing. Any nuances here? Thanks!!

Agents, experienced folks & Psych majors, help me out! Looking for ideas! Oregon.

We are under contract. Our current closing date is in 8 days. The seller has been extremely difficult to communicate with (according to their agent). We have offered to extend closing & release a portion of the earnest money to make the agreed upon repairs since that was a request of the seller previously.

We originally wrote a contingency to allow us to go through initial steps to obtain a short term rental permit in Bend, OR. The seller agreed originally but has become unresponsive/uncooperative. We have allowed that contingency to expire, and are progressing as was originally agreed to in the purchase contract. However the agent cannot confirm with their seller how they want to proceed.

Latest communication from seller (via email to agent; fwd’d to us):

FWD:

Ok...here is what I have come up with.

I will extend for the 14 days they need for the sign to be posted.

*I would like the Ernest money handed over to me non-refundable.

*they will need to pay my February house payment non refundable and not taken off the price of the house.

*at the date of the approval or signing, I will have 45 days to be out of the house.

*if the sale doesn’t go through they do not get Ernest money back.

If this keeps extending and more time is needed they will need to continue to pay the house payment.

I am not going to accept a counter to this. I understand that they are going through a process right now however I am losing money and time on getting things done and re-listing in the event that this doesn’t go through as well as not being able to 1. Put a down payment on anything or 2. Find somewhere to rent.

Let me know if you have any questions.

@Andrew Rosenberg thanks!

I’ve recently been told a number of banks are not refinancing investment properties. There must be some out there! Who should I look into? Thanks!