Deals Closed

So I have now closed on all 3 of my previous deals. That means that the buyers now own the houses & they are able to move in.

My first deal was the HUD property that needed a 203(K) loan to fix plumbing & other issues. Although originally we were given 60 days from contract to closing, we had to request two 15-day extensions to keep the contract alive. The extensions were because the lender needed more information about the property before approving the loan. Once all the information was provided, the loan was approved & we were able to close.

The second deal was the short sale with 2 lien holders. The second lien holder actually agreed to the sale only days before the house was going into foreclosure. The buyer, seller, first lien holder & the buyer’s lender were in agreement & were ready to go. As soon as the second lien holder agreed, a closing date and time were set. Everyone wired funds to the closing company, signed papers, & overnighted paperwork. It was a great closing because everyone was so happy that we were able to get it done before the house went into foreclosure.

The third deal was easy once Fannie Mae got the title. This house had been on the market as a short sale. The lien holder wouldn’t agree on the selling price set by the buyer and seller, so the house went into foreclosure. The bank gave the house back to Fannie Mae, who had insured it originally as an FHA loan. Fannie Mae put it back on the market with a listing agent. The buyer offered to buy & Fannie Mae agreed to sell. The buyer had done the inspection & the buyer’s lender had done the appraisal. The loan was approved. Once the bank signed over the title & it was recorded, Fannie Mae & the buyer closed on the property.

It is great to think of homeowners in all 3 of these houses!