Been a while since the last update on the Vassar property. Sadly, it’s because there isn’t much to report. The contract has been submitted to the bank and we’re waiting on their response. Hopefully they will just accept my offer and we can move forward. If not, we’ll either have to renegotiate or just walk away. Only time will tell.
Monthly Archives: April 2011
I’m not a big fan of realtors but the one I’m currently working with just might convert me.
The lien we discovered threatened to kill this deal but my realtor, Gayle, pulled a rabbit out of her hat. She contacted an attorney who negotiated with the lienholder to grant a partial release of the lien. They agreed to reduce the lien on the property to $5,100! That’s 48% of the original balance. That move alone earned her her paycheck in my book.
So now we’re back on track. Once the paperwork for the lien release is received, Gayle will have the BPO appraisal ordered with Citi so we can finally get some response on our offer. (Citi doesn’t even look at an offer until they have an independent appraisal completed.)
Still waiting to receive the loan funds from the arrangement with my private lender but that should close by next week, hopefully.
Things are looking good. Still hate short sales though. I could have already completed a rehab in the time it has taken for them just to look at our offer. Useful experience though.