Thursday, May 3, 2012

Big Decision Made and Title Insurance Snafu

Well Hubby official gave notice to his full-time employers last week. We are in it with both feet now!

Still waiting on the closing for the townhouse I mentioned last time.  Tonight we have to go bug the Association President at that development.  Apparently there is a $2000 charge to the association that the seller (a government agency) is questioning and they won't sign off on the sale until the issue is resolved.

For a second property we are trying to buy, interestingly enough from our realtor, we ran into a problem with title insurance. For the realtor it is a true flipper, he bought it one week and planned to sell it to us the next week.  The title insurance companies won't insure it, because they say that the realtor agreement with the bank that he purchased from had an unstated 90 day wait clause.  The title insurance company won't take it for 90 days, but that doesn't fit Hubby's time table at all.  We are trying to work out a deal with the realtor to have him self-insure the title for the one-week time that he owned the property.  This involves lawyers on each side, so it is taking some time to resolve.

With some luck we will own two property next week!

Meanwhile the renter situation is looking a bit brighter.  One of the tenants that is on a payment plan has been paying regularly. Sadly, the other one is being taken to court next week for eviction proceedings.  Meanwhile Hubby is out at midnight trying to track down someone who still owes $50 for this month's rent!


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