House #2 = Closed

September 23, 2007 | 3 Comments

We closed on House #2 on Friday. I’d like to add “…and things went off without a hitch,” but that’d be a half-truth.
No hitches in the normal sense, as the funding came through fine, we signed everything, got the key, all that happy stuff. The hitch was that we got hit with 2.5% origination fee […]

Not a lot of good news in the data coming out so far this month, as far as anyone clinging to the hope that the worst is behind us in the struggling US housing market. The numbers for total pending listings in July released yesterday were pretty terrible, dropping to levels not seen since 9/11/2001, […]

The last few weeks have been pretty brutal ones for subprime lenders, with more than a few of them completely getting wiped off the map, and others seeing their stock price get absolutely decimated. For lenders with a lot of exposure to subprime loans, it’s a double whammy, with defaults rising dramatically and, simultaneously, their […]

Now that the dust has settled a bit, I’m in the processing of posting some details and numbers from the transaction so far. One of my major goals with this site is to provide as much detail as possible into each deal I do, as that was something that I’d have appreciated myself when doing […]

So, umm, yeah. Scheduled to close tomorrow at 11 and still no final green light on the mortgage end. Many reassurances that everything will process by then, but no guarantees. This is despite the fact that I dumped all the documentation that they’d need and a +800 credit score in their lap more than a […]

Closing is still on track for next Friday for the 1002 S. Main property, but things are still firmly stuck in incompetent underwriter hell. I’m sure, somewhere out there, competent and efficient underwriters exist, but man, I have yet to personally encounter one. Some highlights from the latest go-around:
1) They claim they can’t find a […]

Probably the largest obstacle to successfully flipping a house isn’t so much locating and renovating the property, but more simply coming up with the necessary money to make it all happen.
We’d all love to have the option of simply paying cash for an investment property but the vast majority of us don’t have that much […]

Not much news to relate, as I’m basically just waiting to close and to get to work on the 1002 S. Main St. house. Insurance is all lined up and the loan is in the hands of the underwriter, with appraisals ordered, etc.
I can’t say I have much love in my bosom for underwriters. I […]

Mortgage guy got back to me with some more options and it looks like we’re going to go with a 100% financed, conventional 30 year fixed mortgage for the 1002 S. Main St. house. The interest rate is pretty ridiculous at 10.25% but that’s pretty much a moot point, given the short amount of time […]

Met with the mortgage lender again today to discuss various options as far as the loan on the 1002 S. Main St. property. I get good vibes from him and he definitely understands where I’m coming from and isn’t pushy at all, but I’m getting a little frustrated, as we don’t seem to be communicating […]