House 3: Done Deal!

I spoke with my escrow agent this morning and he confirmed the buyer's loan did fund on Friday and the docs got recorded, so it is now official - the property has sold! (He didn't get back to me on Friday because he had a family emergency and had to leave the office.) He said he was wiring the funds to my account this morning. In fact, I just checked and the funds have already hit my bank!

Today, I called the power and gas companies and had them take the services out of my name, something that will actually take another 1 to 2 days. I also faxed my insurance agent and cancelled my insurance on the property.

Now I need to start crunching the numbers and figure out the exact ROI. I'll post the info as soon as I have it!

House 3: Signing Complete!

When I showed up at the escrow office this morning, the buyer was still signing her documents. I took the opportunity to give her the keys to the property. Technically, I should wait until the loan has funded and the documents have been recorded, but I don't want to have to make another trip to the property or escrow office. I signed my paperwork and left. They are going to send the docs to the lender by courier in an attempt to get the loan funded today. If not, it will be Monday. I figure if the buyer has the keys, she might start moving in over the weekend and a property with someone living in it has a much lower risk of being vandalized than a vacant one. I'm not worried about the loan not funding. Once the lender has sent loan docs, it's pretty much a done deal.

After the signing, I went to the property one last time to pick up my lockbox (I actually still have a set of keys, should something go horribly wrong), my two lamps, and timers. Still no vandalism, so that's good.

Once I have verified the funds have hit my bank, I'll get the utilities taken out of my company's name.

House 3: Signing Tomorrow!!

Woo-hoo! The title company received the loan docs and we are scheduled to sign tomorrow morning! The buyer is signing at 8 AM and I am signing at 9 AM. The title company will courier the loan docs to the buyer's lender in hopes that they will fund the loan tomorrow afternoon. If not, it'll have to wait until Monday. (Damn - I didn't catch that the closing date was a Friday!) But all is good!

As usual, I found one error on the preliminary HUD statement. This time, it was in my favor, but I still faxed the title company a correction. They had the sales commission listed as 4%, but we raised it to 5% (4% to the buyer's agent) after the first escrow fell through.

A very quick check of the figures shows I should make somewhere around $6,000 from this deal. Pretty crappy in terms of ROI, but considering all that happened, it's nice to see I should still make a profit. I'll post a more detailed accounting after the funds are in my account and I have a chance to do a full analysis.

House 3: Two Days To Closing

I stopped by the property this morning and was pleased to see it was in the same state as I left it last week. I might get out of this thing without any more vandalism yet!

Spoke with the escrow company. They are working on my file now. They do not have loan docs for the buyer, but they have been told they will arrive tomorrow. (Of course, we all know that doesn't mean it will happen.) I was supposed to get the preliminary HUD today to review, but it hasn't arrived yet.