House #2: The Crisis House

I’m officially under contract to purchase House #2. The negotiations took longer than I would have liked due to: 1. It’s a Fannie Mae owned property, and 2. The long holiday weekend. I’m paying a little more than I had planned because competition is still high and FNMA gave little ground in the negotiations. However, I can still make it profitable if I can stick to the budget and get work done at good prices.

This house is located pretty close to House #1 so I already know the area and have a good idea of what this one should sell for.  Unfortunately, it will need a good bit more work than House #1.

Oh yeah, about the name.  My realtor and I had lunch at Del Taco before we drove up to see this property for the first time.  While we were at the house, let’s just say the Mexican food started kicing in for my realtor and a crisis situation was looming.  There was no public restroom close enough to make it.  However, the stars happened to align for us though as 2 crucial things came together.  1.  The house had running water and electricity.   2.  I happened to have an emergency roll of paper in my trunk.   The day was saved!

I’m hoping to close by the end of September.  I’ll post pics and more details about the house in a later post.

Update 9/27/12:  Closing will probably not be until mid October because the bank took a while to finalize the deal. 

Link to Before Photos And More Details for House #2

Link to All Posts Filed Under House # 2


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