House #2 SOLD! Financial Recap

I closed on the sale of The Crisis House on Tuesday.  My profit is lower than I’d hoped for on this house because of three main reasons.  First, I got screwed on the closing costs when I purchased the home.  I never received a Good Faith Estimate from the lender until I was sitting at the closing table, and assumed the fees would be similar to the fees I payed for House #1 since they were both Fannie Mae/Homepath loans with similar rates and loan amounts.  Boy was I wrong!  I saw the GFE at closing and the lender fees were much higher than I expected, but I was sitting at the closing table at 5 pm on the day the contract was due to expire and couldn’t do anything about it at that point or I’d risk losing the $6,600 Earnest Money I’d already payed.  Lesson learned:  ALWAYS examine the GFE before closing.  I don’t think it was an oversight or coincidence that I wasn’t given one until I got to the closing table.  The second reason is because there were unforseen problems with the HVAC which cause me to spend about $1,300 I wasn’t planning on spending.  Finally, I held the house longer than I had planned, so I paid about $1500 extra in mortgage payments, utilities and insurance. 

Having said all of that, I’m still profiting on the deal and any profit is better than a loss. 

Here is the financial recap of the deal:

financial analysis

I should be closing on House #3 within the next 3 weeks and the final numbers will hopefully look much better than these, so watch for updates!


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