Flip This Wholesaler

9/25/2008

Well, the Deal From Hell continues to live up to it's name... The buyer finally got the money together for the down payment, and everything looked like it was good to go. I spoke to the lady doing the loan at around 3:30 on Tuesday and she said we should be able to close in a few days. I still had not heard from the bank's title company at this point, and I figured I would wait a day or so before I started pushing them to close, because I have learned that "I can get it done in a few days" is loan officer-speak for " I'll get it done whenever I get around to it, and if you try and call me to find out how things are progressing, I will ignore you until you rip all of your hair out of your head in frustration"..... So, anyway, a few hours after I spoke to the loan lady, I get a call from the buyer telling me she had bad news. Apparently, she has another loan with this same lender, and is way late on her payment this month, so they decided to not do the loan after all.

ARE YOU EFFING KIDDING ME??

The buyer, of course, has some BS story about why she hasn't made the payment yet, and says she is going to go in and speak to the lender first thing in the morning and see if he will still do the loan. I give this about a .0000001 percent chance of happening.

Yesterday morning, I finally get an email from the listing agent telling me that the bank is ready to close. AWESOME. I figured I would give them a taste of their own medicine, and I just ignored the emails, and also shut my phone off for most of the day. We are out of contract anyway, and no one has bothered to even call me or email me up to this point to let me know what is going on, so screw it. Once I turned my phone back on, there was a message from the buyer telling me that she has good news, and they are going to do the loan for her after all. So, I call the loan lady up for the 75th time to ask her what is going on, and she tells me that they will do the loan if the buyer brings in a cashier's check in the morning for the payment she is late on. I called the buyer back and asked her at least 100 times "Mrs. Hancock, ARE YOU SURE you can make that payment tomorrow? ARE YOU SURE? ARE YOU SURE YOU'RE SURE? And, of course, she swears to me up and down that she will be in first thing in the morning with a cashier's check to make the loan current.

Shortly after that, I called the listing agent to ask for an extension until the 30th (next Tuesday). She wasn't too happy about it, but they were the ones who couldn't close on time, so they don't have much of a choice.

And, there you have it. That's where we're at with The Deal From Hell. I am expecting a call any second now from the buyer telling me that something went awry.....or from the lender telling me that they changed their mind again and aren't going to do the loan.....or from the listing agent telling me the bank won't sign the extension and they want to close today.

The other deal that was supposed to close Monday, is still in limbo. I guess they finally got in touch with the attorney who handled the foreclosure on the property, and they are trying to get the one remaining lien taken care of. Or something like that.

Hopefully at least one of these deals will get to closing by the end of the month. I'm not holding my breath, though.

Ahhhh, the glamorous life of a wholesaler...