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Closed on "The Impulsive Purchase"

February 27th, 2010 at 02:19 am

"Prepare to enter the poorhouse- you little b*!^h." -That line from the TV show "Entourage" has been playing through my mind all day long.

I know it's because I closed on the "Impulsive Purchase" today. It was very anti-climatic and I really feel somewhat- I don't know- disappointed maybe.

BB wasn't here to go through it with me so the responsibility was on me. I was so afraid something would go wrong I refused to let myself get excited about it. I really wished BB was with me- maybe it would have been more exciting. And since it is currently rented I didnt get the satisfaction of walking into the building after the closing.

I just cleared out my bank account, signed all the documents and handed over almost $12,000.00 for what feels like nothing in return. The realtor didn't even bother to bring the keys to closing, telling me he will drop them off "later" (he lives next door to me so it's not shady- he can just be lazy sometimes). After I handed over the big giant check I was given some papers and told I was done.

On the way home I drove by the property. "Yup- that's the house- it's still standing" I thought as I drove by it.

What worried me was that the seller (also the selling realtor) did not bring me the $1000.00 in rent deposits the current tenants paid. I was expecting the money at closing- as some sort of perk me up. But nope. The woman waited for me to bring it up and just nonchalantly goes- "oh yeah. Ok. I'll get that to you."

I was kind of thinking- "When!? When will you get it to me? And How?!" But it seemed like everyone had their own agenda at the closing. My realtor was busy checking to be sure all his docs were in order to present to his real estate company- the lawyer was monotonously handing me papers to sign- and the seller/realtor was bantering with my realtor.

So I let it go and tried to trust her.

I have to chase her down anyways because 1 of the renters is Section 8 housing and the housing authority said it is too late in the month to re-route the rent check to me. The rent for March is going to the old seller who will need to give me the money.

Nobody brought up the 2 days of prorated rent that she owes me either. I was going to let it go I guess. It's $85.00 which hurts me to lose but I feel like I am already going to be chasing her for the $1000.00 deposit and the March rent- so might be better to let the prorated rent thing slide in my pursuit of the bigger money.

It makes me nervous. But BB called my realtor and asked about it and was reassured that if I don't get the rent money and the deposits by the end of next week- we can go and try to revoke her real estate license.

I don't want to revoke anyone's real estate license. I just want to build my bank account back up.

So I thought today would be fun and exciting like it was when we bought our first place- but it wasn't.

I am also annoyed because although I put down $5600.00 on the loan- the loan only reflects $2898.00 was paid towards the principal because an FHA charge was wrapped into the mortgage. And no one told me about it. Sneaky sneaky these mortgages are. So I handed over almost $12000.00 to see $2898.00 come off the principal.

But we own it. It's not completely cash flow positive but close. If the 2 units collect the rent the owner says they do- I will have to cover a gap each month of $83.00. Neither unit has an existing lease- 1 family has lived there for 14 years and the other tenant has been there since 2002. The seller was sneaky and listed in her advertisement that the place was collecting $1700 a month- a good $500 a month more than what she disclosed after our offer was accepted. But looking at the property appraisal- it says that the building collects $1350 a month- which would pot me in the profit margin of $55 a month (which I would take!) So now I just have to wait and see what the rent money is when it's handed to me I guess. Because the seller has been so conflicting with the information-I don't really trust her at all.

5 Responses to “Closed on "The Impulsive Purchase"”

  1. baselle Says:

    Yeah, isn't that funny? Without you and your money, there's no deal, no realtor gets paid, the seller would wait and sob a little bit. Can't eat a house, after all. Woulda thought that the whole gang would treat you with a little bit more respect.

  2. Ima saver Says:

    I can certainly understand why you are upset. I hope the realtor comes thru!

  3. frugaltexan75 Says:

    Your experience certainly does sound anti-climatic. The behavior of the sellers Realtor would make me nervous too.

  4. monkeymama Says:

    Congrats!

    Yeah, kind of sucks not to get the keys - anti-climactic, indeed!

  5. pennypincher007 Says:

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