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Sunday, March 31, 2013

4Plex Closed in Less Than 30 days

4Plex Closed in Less Than 30 days

Yeah, we closed the fourplex in less than 30 days. The fourplex was priced right so no problems with the appraisal. Lender worked the loan with an excited buyer. The seller worked all the repairs that were asked down to the very last day.
Everything may not have been easy as it seems but we worked everything out. One hiccup was the verbal on the amendment. Example: Buyers agent wrote one line: “Fix and repair everything circled on the inspection report.” So when it came to doing the walk thru the buyer’s agent asked, “Are you fixing the Arc Fault Circuit Interrupter (AFCI)? I told her it said, “Although new homes are required at the time home was built may not have been required, for safety reasons consider upgrading the electrical system to include AFCI.

My seller said, “Don’t you all start nick picking everything after option period is over.” So of course I read it again and again, and then I did one better and called the inspector. He said it isn’t required he just has to put it on the inspection report because that is his job to state new codes.  So between that and reading it is “Suggested” we didn’t change them out. Through my interpretation the inspector didn’t say fix and or repair. So that means that nothing was broken.
Yes it is the usage of words. Any variation with what is written may require more direct written language. I personally never like written on the amendment see attached and circle the inspection sheet.

Other than that all repairs were being fixed.

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