New Month, New Deals

Right now I have 2 deals under contract. The buyers & I are hoping that both of these deals will close by the end of June.

The first deal is a bank-owned property. The property is a foreclosure. The original owners lost the house. Instead of giving the house back to Fannie Mae, HUD, Ginnie Mae, Freddie Mac, or another financial governmental agency, the bank decided to sell the house itself. The bank put it on the market with a listing agent. The buyer made an offer & the bank wanted proof of the buyer’s ability to purchase before the bank would agree to the sale. The buyer provided a letter of financial ability. Right now, the buyer has had the inspection & done everything needed. We are just waiting for the bank to do the paperwork so the title can be given to the buyer at closing.

The second deal is a buyer buying the property & a seller selling the property. These properties are easier to buy because the owner has lived in the house. Inspections are easier because the utilities are already on & working. Also if the seller is interested in selling the property, they will work with the buyer about inspection issues. As of today the buyer has done the inspection & the buyer & seller are negotiating on property issues. The property still needs an appraisal before the lender will give final approval for the loan. Once that is done, hopefully we will have a closing.