Blue Angels!

I was meeting with clients Thursday afternoon at the site where they are having a house built. The Blue Angels are doing an air show this weekend. They were practicing above us & I got this shot. Amazing how tight the formation is!!

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.

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!