Hey Guys..
So the deals are in and the owner is making a decision on which one to take. Evidently both me and the other buyer came in very close.
It's not an "As Is" deal. I've got a 10 day inspection period.. If they tried to force the "as is" I would have walked, no question.
There was some other strange detail that the builder only wanted to be liable for up to $1000 of termite repair.. So I'm going to have my termite guys go through with fine tooth combs.. But all houses in Hollywood have some termites.
I've been assured by just about everyone that 30 days is enough time to secure a mortgage.. But I'll keep pumping away and make sure that it happens.
I've also learned that if it doesn't fulfill in 30 days that the current owner has to reasonably allow me to secure the financing if they take the down payment. If they don't take the down payment then they can walk away from the deal..
But if they take my money, any judge or arbitrator will insist they give me a few more days to close up the deal. We may just have to release more funds..
So lets cross our fingers, I find out tomorrow...
Thanks everyone.. You've been really helpful.
And I did do a lot of research and dotted my I's and crossed my T's before jumping into this risk.. I think the upside FAR outweighs any downside..
