Under contract


#41

It seems like it’s been forever. Signed all the closing docs today, since Mondays are easier for me. The actual closing is next Monday. The purchase contract was possession at closing. They need these funds to close on another house, so they asked for a rent back addendum. I wanted to keep it short, so it’s $150/day for 3 days then it goes to $500/day. That way they get out. I’m hoping possession will happen by next Friday.


#42

With $500 per day, I wouldn’t mind them to stay for a long time :joy:


#43

they can stay as much as needed. cashflow positive primary! hard to get by!


#44

Wow, you slum lord!!!

Congrats!


#45

I have possession now. They managed to move out before the rent back go to $500/day. Go figure.


#46

Congrats!

Did they ask for a rent back addendum after they accepted the offer? I ask since I was used to seeing expectations of free 1-2 month rent back as part of initial offer back in the days in Bay Area.


#47

Yes, they asked for it after. I’m not sure what the original plan was, but they realized they needed to close on this house first to close on the next one. They ended up doing a simultaneous closing, so they needed a couple of days to move out.


#48

Well, it’s really hard to earn $500 per day rent :joy: when you really like them to stay for long, they would move quickly. When you hope them to move ASAP, they just stay for 3 generations with rent control


#49

That’s great, marcus! Sounds like it worked out well for everybody. It must have been nerve-wracking to have a simultaneous closing. Ready for move-in?


#50

I want to do a few things first. It’ll be easier without having to move furniture around.


#51

Don’t forget to get super sliders as you move furniture around on wooden floors.


#52

We’ve had a few buyers lately…hopefully we didn’t make any of these mistakes.

(Semi guility, I am set for a cruise in December which I still need to pay for…yikes!!!)


#53

A lender isn’t a free financial advisor. They tell you what you qualify for. Whether or not you should slender that much is another issue.

Do people really home shop without pre approval?


#54

Probably the ones that ultimately do get rejected or get stopped in their tracks because they find out, oh, we don’t qualify for whatever reason…

Come on, it is not like going down to your grocery store for a loaf of bread, people!!!


#55

A buyer in CA can’t write an offer without proof of funds (Pre-approval and downpayment). I think this is possible in other states where one doesn’t need to show pre-approval from financial lender.

Top mistake in my list (CA only) would be blowing 100K to remodel/update the house immediately after the buy.


#56

Is that because we are supposed to live in the house first to get a good feel about what is needed? I mean, if you have adequate dough (leftover) and have a good sense of what is max you can achieve within the footprint of the home anyway, why not?


#57

I remember realtors wouldn’t book showings unless you had a pre-approval letter. That makes sense, because why should they waste their time?

I agree on not remodeling right away. Live in the house a bit first to see how it really is. The only things getting done right away are: refinishing floors to protect from dogs, leak on the deck, and a few siding pieces that need replaced. The inside will get painted gradually and eventually will redo the kitchen and master bath. Hopefully in spring there will be some good open houses to look at and get ideas. I want to see how nice the updated homes are that sell for more.


#58

Usually people start updating too early and too much. Overshooting the budget by 2x is a common experience.


#59

Come on, everyone wants to add some fancy rims to the new ride, right???:grinning::grinning::grinning:


#60

As long as the 100K shows up in selling price nothing wrong in spending it?