A Day in the Life of JonnyQ888

A Day in the Life of JonnyQ888

Tuesday, September 05, 2006

Duplex Stress

Two major sticking points. The first is the foundation. The loan officer called me today and said that they would not close on the house if they did not get an engineer's report saying that the foundation repairs weren't needed immediately. This throws the whole deal into jeopardy if I can't either get a favorable engineering report or get the owner to take care of the repairs.

The next problem is that my agent can't seem to get the leases from the seller. Again, this is a deal breaker because the only way I qualified for the duplex was by including 75% of the monthly rent into my income. Don't worry, this is legal=) At any rate, no lease means no duplex.

I'll get some internet marketing news for you in the coming days=)

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  • Hi Jon, it's Nikki from Taking my Time Back. I haven't posted in a while, but I've been reading along about the duplex thing. Do you really want a piece of property with foundation issues?

    Just a thought

    By Blogger tmtb, at 8:26 PM  

  • Hey Nikki,

    It's been awhile. Most people have the same reaction you do when they hear "foundation problem". Like anything else, there are varying degrees of foundation problems and the one with the duplex by all accounts isnt severe. I'm using the fact that the majority of people will shy away from foundation problems to negotiate with the seller. He probably has the same mentality you do about foundation issues and knows that most buyers will too. The fact that he has a willing buyer right now has made him go out of his way to accommodate me.

    By Blogger JonnyQ888, at 6:39 AM  

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