Rental Property #4 Issues. The Seller is Delaying the Closing
As many of you know I’m under contract and anticipating closing of rental property #4.
I talked about it in the following article.. Should I pay down debt or buy another rental property?
What you may not know is, we were supposed to freaking close on the property on April 12th.
So what happened?
Well, everything is fine and dandy on my side.
1. I have my earnest money in.
2. I signed the contract.
3. I released all my contingencies.
4. My lawyer completed a title search.
So, what the hell is going on?
I was wondering the same damn thing. So, I sent my lawyer an email.
“Hey… where my property yo?” sike. I really said. “Hi, are we still set to close on the 12th?”
This is the response I got back.
The sellers atty just sent the deed and transfer forms to the UK today and won’t have them until next week, we won’t be able to close until he receives those back. I will let you know when we can get it closed
Hmm, I don’t like the open ended closing date. I really wanted this closed before April. Why? So, I can get the full rent for April from Section 8. The longer this takes to close, the longer it will take me to get paid. Time is money.
One week passes and I send over a quick email again. “Hey, we all set to close on Friday?”
This is the response I get back
As of yesterday he did not have the signed deed back, I will check again today to see if it has come in
I’m starting to get pissed. Why the hell is the seller taking weeks to sign the deed? This deal is in the bag. Sign the deed, I’ll pay you your money, and I can go on my merry way of buying another property.
The only reason I think they are delaying the sale is because, they don’t have the funds to pay the back taxes just yet. Oh well… I hope they get it together within the next week or so.