All Forum Posts by: Chad Skiles

I'm buying it for $41700. ARV is about $65000. Repairs will cost 6k at most if I do the painting myself. It would proably rent for $750. It's not a home run, but for my first deal it seems good enough. Not to mention, having at least one deal under my belt would give me some credibility and a lot more confidence.

Fortunately my agent called me this week and explained why the bank is moving so slowly.  It sounds like they are moving towards approving the sale now.  Hopefully, I won't have to back out now.

Is the contract still valid since it is over a month past the closing date?  If not, what would I do to get my earnest back?

My agent hasn't given me any details as to what the bank is doing.  I only have $500 earnest money at the title company but I have $44000 sitting in my bank waiting to buy the house.  I would love to put it to use.

I put a house under contract at the end of May.  It was a short sale so we specified a closing date within 60 days.  We also specified that the 8 day inspection period would begin after the bank approved the sale.  After six weeks, the bank finally started working on it to get it approved for a short sale.  At the end of July, we signed an extension of the contract to close by the end of September.  

About mid-September, my real estate agent called me.  She asked me if I could close a few days before the end of the month.  I figured the next step was to do a final inspection to make sure there was nothing else wrong with the house that I didn't already know about.  So we set a tentative date, and I got an inspection.  We found out that the electrical had to be upgraded for about $1200, but no new problems came up.  We amended the price by $2500.  One day after the contract "expired", I signed another extension for a closing date by November 30th.  Since then my agent has been very quiet.  She still hasn't sent me copies of the price amendment and extension signed by the seller.  She hasn't contacted me unless I contact her first.  

In early December, I emailed her asking her if we needed to sign another extension.  She said the seller's agent was working on it and she would be in touch with me.  

After a couple weeks, I email her for updates.  She said that the other agent was constantly trying to get the bank to move towards closing.  She said they had never had a bank move that slowly.  

In late December, I email her reminding her that we still hadn't signed an extension.  She said the other agent would get it sent out.

I still haven't heard anything from her.  This is my first deal so I don't know how it should work.  Is this situation unusual?  Should I be concerned that the contract has expired over a month ago?  Should I let this go and get my earnest back?  I really want to get started investing in RE, but my money is tied up waiting on this house to close.

Thanks for all the replies! I guess I shouldn't get my hopes up on this house. I have to try anyways. I'll let you all know how it goes.

I am about to make my first offer on a Fannie Mae Home Path home. It's going to be a live-in-flip. It's listed for 70k. ARV is 110-115k. My MPP is 60k, but I really want to get it for ~50k. How can I get the best price? Should I start by offering 40k. How long does this process usually take and what can I expect?

For all practical purposes, I am a cash buyer. I should have cash in my account for proof of funds by Friday and the "no investor" period ends after Tuesday.

I contacted ListSource and this is the response: "We don’t have Kansas data because Kansas has a law that you cannot create marketing lists based on public record data."

I looked at the law and it only applies to selling. It doesn't seem to apply to offering to buy houses.