The flames were getting hot but i made it through on my first success.
MD: after the bank turned down the loan the buyer went to another bank and with out incident agreed to a closing in less than 7 days. i couldn’t help but to think it was going to fall through but as the date approached nothing changed. then on the set day of closing Wednesday Aug 24 2005. my phone rang.
it was the seller.
i was thinking to myself, he must be canceling. yet when i answered the phone the first thing he said was “we’re set, lets get it done” and sure enough at 3 PM my Representatives walked into the closing room. (i could not get out of work) and by 4:30 PM they walked out with a check for just under $95,000
something did change however, the original agreement would have entitled me to around $35,000 but do to an unforeseen hardship, my partner and i cut our fee by a substantial amount down to $20,000 profit each. if i had the money to cover the down payment of the asking price of $65,000 (10% dp=6,500) then i would have made allot more. i can’t complain. I’m very happy and relieved it’s finished.
now on to the issues of DE.
before, i left of with the problems with the partner, closer,seller, + 1,000,000 other things. well things started to fall into place.
partner problem: Resolved
despite the problems with the partner we both stepped back realized the situation. he agreed to the 50/50 split of profit as per our original deal. in turn, i told him i recognized all the extra work and time he has put into the project and on the spot bumped his cut up to 60%. he was very happy to hear that. you might ask why? look at it like this: everything he does there pushes up appraisal and sales price. he HAS done allot since our argument. so had no work got done, i would have made X amount of dollars, with all the work i make Y amount of dollars and he makes y amount of dollars. now there was a point when everything he did to the house made my profit the same either way (X=Y) now we are at a point where i am set to make a substantial amount more than i would have. so Y
Seller and Bank Problem: Fixed
the seller came back to town and called me then called the bank. the bank justhad not posted the payment as of that time. it worked out. however i was scared this could happen again so i took other actions.
Closing Lawyer: Terminated (not in the literal since)
this whole mess seemed to stim because of the lawyer not doing what he promised. this guy gave me the run around for dame near two month. i have desided to forget tring to deal with him and search for someone esle. however i still need the property in my name or we loose everything we put into it so far. i havea feeling that if i lost franks money, due to not getting the deed in my name andthe nbank taking it back he would hire a hit man and i would be terminated. (that one was literal) so i was left with finanicng.
Financing: In progress.
to get the deed now i need to secure a new loan. to do this me and my wife aplied for a invstment property loan. it was promply aproved and a closing date was set for 22 days later. the bank needed a substantial amount of colateral to aprove me… 20% to be exact. or just under $20,000 cash. hmmmm i just happen to have 20,000…..
I can’t make this stuff up… Don’t you love how things come full circle.Share