Just interested to know how long it took from accepted offer to actually accepted by the bank so you could close. 5 years ago the process took a good 6 months so just wondering how long its taking these days (I know there are many different scenarios which could play into whether its quicker or longer to process).
Im also wondering how often the initial party walks away these days because its taking too long.[/quote]
Well assuming I close this month, it will take a little more than 3 months. But the caveat is this property fell out of escrow one time, so it had to be re-approved..Banks aren’t stupid these days either…unfortunately…
The other one I was trying to get at the same time fell apart.. It was in much worse condition, didn’t have a personal washer/dryer hookup, and would have required me to spend a bit on remodeling. The seller wasn’t upside down on that property that much, and basically the banks told them we aren’t going to do a short sales, sell traditional.That place ended up closing escrow higher that what I have now…
Like I said, relative to current market conditions, still below market price… Cash flow… Well, it’s so-so… Could the price have been better if if I just wasn’t arguing over a few thousand on previous deals 1-2 years ago. Yup….
Anyway, I think my chances of seeing a 30% correction on my stock portfolio are far greater than me seeing a 30% correction on the price of this, so while I’m not pulling out of the stock market, I’m not putting any more cash into the stock market. And even if I see a 30% correction on this unit, the other ones ends up dollar cost averaging this one out…. ha ha ha ha…
Then again, this could still all blow up in my face, since it’s all still verbal at this point…which if it did happen, is fine by me….Then I will greenlight ditching the miata for something else… Otherwise, I can drive poor…
