Well we are a few weeks past due on the closing date for the house we are in now. We were supposed to have closed on the first and recieved a pretty nice check, some of which we will put down on a short sale we are negotiating with a bank for. Once the transactions have finished I will add specifics but I don't know the legalities so will keep it a little vague. We moved into the house we are in now sometime around May. We had it listed on a great site that is inexpensive and creates a ton of leads. I will have to post on that later to explain more about our selling strategies and how we get top dollar for houses we sell. Anyway, the loan officer for the house we are selling is the buyer's step-son. I don't know if he is just not very well connected, but he is having a hard time getting the house through because it is a legal duplex. It has been a good thing in a way because we don't have a place to live yet because the house we are buying is from a short sale and we haven't finished negotiating with the bank. Again, I apologize for the vagueness---there isn't a whole lot of value in this post, but I promise once I update it it will be worth the wait. And it just goes to show you why everyone isn't doing real estate. The rewards are great but it can be so frustrating!
My wife reminded me of the first house we bought and sold. We had it on the market for six or so months with a Realtor and only had two walk-throughs. After our contract expired, we decided to try selling it ourselves. We had an offer and earnest money a few weeks later and were supposed to close in the beginning of August. But then, because of financing delays, we didn't end up closing until mid-November! Oh well. Who can complain when the money is so good?!
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Ryan,
I discovered your blog today and found it interesting. I am currently paying a lot of money in rent (over $600), while attending BYU, and would like to get into something of my own. So do you recommend going the lease-to-own route? I don't want to commit to something, which in the end, I'll have to take a loss on, because I don't think I will want to live here forever; so it will be nice to be able to sell it after a few years and make some money.
While this real estate thing is very interesting, it is also intimidating, because of the newness of it all to me. While biking around today I found a couple houses FSBO and another house that looks like the owners are in financial difficulty and maybe will need to sell--I am not sure. I don't want to be taken. Do you have any suggestions?
At the very least, it would be nice, if all my student loans, which are almost entirely going into rent, would instead go into property. Wouldn't that be nice, my college loans working as a home loan.
Thanks for your time,
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