The life and times of an Arizona Investor

This will be my personal journal to document my failures and successes during my real estate experiences in Arizona. All stories, thoughts, and successes will be documented..

Tuesday, August 23, 2005

Offer #14 - Foreclosure is stopped!!

Ok, she left me a message saying that the foreclosure has been stopped and the loan has been re-instated! This is a huge relief!

This was the biggest obstacle in this deal, the second will be any title issues from the POA.

I've haven't had much time to write about this deal because I'm so busy.. In this deal alone, I had over two pages of checklists trying to get everything done. Even though I'm the buyer, I need to make sure everything gets taken cared of for closing. This is when a realtor would be nice, however, I don't mind because I like to know exactly whats going on. We have only a 3 week escrow period, so if its going smoothly, I need to make sure everything gets done on time.

We're set for an inspection this Friday. I'm crossing my fingers that there is no polybutyl piping and rusted out duct work. This is my nightmare folks...

Unit #1 is vacant and it was trashed. Unfortunately, it looked worse yesterday than the first time. Its ok though.

I was hoping that unit#2 would be a regular unit with normal wear and tear, but nope, I saw through the window that the bed room ceiling had a 2 foot hole in the white board in the ceiling. Damn!! Now I'll have to replace white board and texture the ceiling in that room. Although I didn't walk inside unit #2 , the kitchen and living room looks ok so far.

The sellers did me a favor (I think) and ripped out the carpeting in both units. I didn't ask for this, and don't know if they thought they were doing me a favor? Actually, its for the best, I plan to tile both units.

Who's doing all this work?? I'm on a tight budget, so I will have to be careful. The interesting thing about this deal is everything is 3 times. 3 times the flooring, 3 times the paint!

I didn't want to put in more than 5k for all three units. This will cover flooring, paint, and cleanup for all three units. However, if there's more, the costs will go up..

I saw the property a little differently today than before. It was a bright sunny day and I could see everything clearly and for some reason the property didn't look as nice?? Maybe its the reality that I'm in escrow and now its time to do some elbow grease. Or maybe its because the front yard looks like sh*t because theres about a ton of carpet and junk by the sidewalk.

I saw a lot more work that could be done like exterior painting and new fences... I'll take pics later this week and post them and see what you guys think.

Oh yeah, I looked at my lot size and it appears that I have a sizable 17 foot section in the neighbors back yard. The lot dimensions shows that this is MY land, but it looks like the neighbors back YARD! What's going on? I'll have to go to the county and check it out.

Its never easy!
|| Bginvestor, 12:35 PM

3 Comments:

Glad to hear the deal is still on. I wouldn't worry too much about the condition. Like taking a test, usually your first 'answer' is the correct one. Keep us posted on the progress!
Blogger Steve, at 4:54 AM  
Don't get discouraged. It sounds like you have lots to do and no time to worry! Having checklists is the best method for keeping track. Just remember you don't have to do everything at once. And, it's always a good idea to ask the people around you for help if you need it.

About the tile--do you have a cheap source for tile and labor? I was surprised by the expense when we were obtaining bids to tile our kitchen.
Blogger Trisha#1, at 10:15 AM  
Trisha,

No, I don't have a cheap source yet, however, I have several investors that will hopefully guide me the way.

Bri
Blogger Bginvestor, at 12:41 PM  

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