Help! Bats in my Belly! (1st timer) - Posted by Teri in Jax, FL
Posted by Teri in Jax, FL on September 13, 2004 at 18:04:44:
I’m buying my 1st investor home from an experienced investor who owns the title company doing our closing. I have cash for the sale and for the $15K+/- rehab. House:$48K. Closing costs: under $700. Tax assessed value: almost $57K. Estimated ARV(after repairs): $78-$82K. Not a fabulous deal, but I like this house (is that a mistake?) and feel that it will give me a good taste of rehabbing - which I’ve wanted to do for many years - and some profit for my troubles. I signed a contract for sale and gave her $300 deposit. I have several “second thoughts”…one for each bat (not butterfly) in my belly.
- She would not budge on the price. The house was on the market since Feb '04, was a repo (I think) when she paid $40K in Jan, hasn’t been touched - been winterized. Says she was too busy with other props. and decided to sell this one.
- Has an recent survey and WDO which she offered to give me at closing. Lots of rotted wood in house I’m willing to repair (I’m doing my own WDO on Wed).
- Have trouble reaching her. Left messages she never returned when Frances threatened. I wanted to postpone close till threat was past. Ivan has held up insurance coverage…trouble reaching her about that, too, though I left messages.
- I’m using cash from the sale of my home last year. My credit stinks and I have filed bankruptcy within the last five years.
There are more than four bats in my belly, but, hope this info might start a dialogue. Don’t know if I’m feeling “first time jitters” or if I need to pay attention to my funky feelings. Also wondering if I should maybe do more with my cash, and, also, how to know if I should walk away from this deal. I would love to IM someone in the know, if it is allowed, but if not, please ask questions to clarify any aspect of this transaction. I’m sure it is obvious how little I know!