closing

For the last two weeks I have been in a pretty upbeat mood. I had finally got my rehab project at 3969 Humphrey under contract and a smooth closing looked to be all but a sure thing. Now, the contract has fallen through and the property is back on the market (a steal at $127,750 if you are looking for a house ;-) ) . So what happened? The appraisal came in last night. It came in at $101,000! For my...

When buying a foreclosure, like all other properties, you need to set a closing date on the contract. When setting this timetable you need to consider what kind of affect the proposed dates will have on your offer. As with any point in a contract, if you put the closing out too far you could hurt your bargaining position in the deal. For most situations, the maximum you should request is six weeks. I say...