F**k!

[Just-Legal]

Don't mind me, I'm just venting.

Our house is up for sale. Had a buyer. We'd put deposits down on two apartments. Everything was going okay but we'd said to the estage agent NOT to mark it as sold and to keep pushing the house on the market.

The buyers have had to pull out.

We have NO other interested parties because of the goddamn estate agent! And two weeks before monies have to be exchanged for the apartments. We can't pull this off financially unless we have a buyer.

For FUCKS SAKE! This was supposed to be my break in life... fucking hell...

*is furious*

 

[Jenny _S]

Don't mind me, I'm just venting.

Our house is up for sale. Had a buyer. We'd put deposits down on two apartments. Everything was going okay but we'd said to the estage agent NOT to mark it as sold and to keep pushing the house on the market.

The buyers have had to pull out.

We have NO other interested parties because of the goddamn estate agent! And two weeks before monies have to be exchanged for the apartments. We can't pull this off financially unless we have a buyer.

For FUCKS SAKE! This was supposed to be my break in life... fucking hell...

*is furious*

Generally not a big problem these days. All you do is get the apartment sellers to accept a short term note for the down payment using the home for sale as security. The note carries minimum interest, say 7%, for 120 days to give your current home time to sell.

Happens all the time here.

Alternately, you can do a "Bridge Loan" on the property you are selling for the down payment on the apartments and skip the short term note with the seller. Both the mortgage and the Bridge Loan are settled when the home closes.

(I'm so smart about some things)

 

[Just-Legal]

Hmm. I'll have to put this to the finance man...

 

[Jenny _S]

I just finished a 5-way 1031 exchange on three apartment buildings and a gas station and car wash this way. A lot of times the sellers will work with you. Besides, It makes you life much more interesting (and your hair a bit grayer).

 

[Madame Manga]

I've had just about that exact thing happen--we accepted an offer for our house, set everything in motion, and the buyer got cold feet. It wasn't a financial problem, just timorousness.

Then we got a new offer for twenty percent more, so I can remember the whole thing with a smile.

MM

 

[raphy]

I just finished a 5-way 1031 exchange on three apartment buildings and a gas station and car wash this way. A lot of times the sellers will work with you. Besides, It makes you life much more interesting (and your hair a bit grayer).

Goddamn, Jenny. My head hurts just *thinking* about the financial juggling that would have taken.

Raph, going for the Advil

 

[Jenny _S]

Goddamn, Jenny. My head hurts just *thinking* about the financial juggling that would have taken.

Raph, going for the Advil

It's what I do for a living, raphy... But this one was pretty complicated.. more so than most.

 

[destinie21]

I used to close loans and review escrow analysis it was horrible
I always felt so bad for those people who didn't read the dsi fine print but you can't go around biting the hand that feeds you

 

[oggbashan]

Bridging loans

My brother had a similar problem when selling his large house to buy a smaller one when the children had left home.

He rang a finance company and asked how they scored people for loans. They told him that they paid attention to credit card limits and amounts outstanding.

He paid off the few pounds outstanding on each credit card and rang each one to ask them to extend his credit limit because he was moving and might want to spend money on redecoration, new curtains etc.

The first company asked him how much credit limit he wanted. He asked for double his present limit. They replied "Why not three times?" "OK" he replied.

The second company asked what his limit was on the other company's card, then they gave him more than that. The third company matched the second company's offer.

Then he went to his charge card companies. By the time he had finished he could have financed three-quarters of the bridging loan on cards.

He rang the finance company and asked for a loan. They asked for details of his credit and charge cards, the outstanding balances = Nil and the available credit. He got the bridging loan at a very cheap rate, little more than the best rate available for major companies.

He needed the loan for three months. The new buyer paid more than the one who had dropped out so he made a profit even after paying the charges for the loan.

When I was buying my first house, many years ago, I was one end of a long chain of buyers and sellers. One buyer further up the chain was told by the finance company that they couldn't give the money until six weeks after the needed date. The whole chain could have collapsed. That buyer's solicitor (lawyer) found out how much bridging finance would cost for the six weeks. The solicitor then suggested that the cost should be split between the whole chain to stop it collapsing. We all agreed because each buyer's proportion of the cost was about the same as a round of drinks for a small group of friends but would have been impossible for the one buyer. Sometimes lawyers are worth their money.

Og

 

[gauchecritic]

Being a communist (small c) I rent. Saves on paperwork. quite apart from the fact that property is theft etc.

Gauche

(oops, forgot to mention western capitalist running dogs purposely keeping underclasses and third world countries more heavily in debt than at any time in history, whilst exploiting their health and welfare in order to maintain a status quo with which to feed and expand consumerism)

 

[MathGirl]

Being a communist (small c)

Dear Gauchie,
That's all very nice, but what, exactly, is a 'running dog?'
Quereiouselly,
MG
Ps. Didn't you forget something about a capitalistic foot on the neck of somebody or other? Just asking.

 

[gauchecritic]

Dear Gauchie,
That's all very nice, but what, exactly, is a 'running dog?'
Quereiouselly,
MG
Ps. Didn't you forget something about a capitalistic foot on the neck of somebody or other? Just asking.

It's like the question of being 'cool'. If you have to ask what it is then you probably are.

Gauche

P.S No. I merely implied it.

 

[Guest]

It's like the question of being 'cool'. If you have to ask what it is then you probably are.

G., I simply need to not be confused one more iota (pardon my Greek) today. Do you mean "aren't" for "are" above?

Purr

 

[gauchecritic]

G., I simply need to not be confused one more iota (pardon my Greek) today. Do you mean "aren't" for "are" above?

Purr

Note the full stop or period. The first sentence is complete and of itself. The second sentence is in reference to the quote.

Helpfully,

Gauche

 

[Guest]

Helpfully,

Not helpful at all but thanks for trying.

Pu
r

r

 

[Just-Legal]

Well...

We've got another buyer!

*bounces*

I have a flat, I have a flat, I have a flat!

And Gauchie? I'm renting from my folks. Don't ask...

 

[MathGirl]

Originally posted by gauchecritic If you have to ask what it is then you probably are.

Dear Gauchie,
Then I'm a "running dog?" I have reviewed my activities lately, and, although I run every day, I see nothing canine about the activity. E.g. I have yet to stop and have a bee emm on someone's lawn or pee on a fire hydrant. Is it something I might be doing in my sleep and am not aware of it?
MG