I Got Stuck with Paying Closing Costs

I got this deal that’s been dragging on for months, It’s an old farm house on the edge of the city that was build in early 50’s.
It has never been upgraded or updated and been rented cheap to the same person for decades.
The house needs foundation work along with all the other repairs it needs. The seller is elderly and I got the property for $40,000 which is probably high for it’s age and condition. I marketed it for months, several potential buyers looked it over and ran for the hills. A few Investors saying it shud be tore down.
Finally found a cash buyer thru a Realtor that had preciously purchased one of my properties in the same area. The Realtor contacted seller and tried to give him all cash and he wud just sign a Quit Claim Deed, we had already done a prelim thru a Title company.
The seller is a grouchy old fart and he wouldn’t accept it and wants to do things the traditional way.
I called him and told him we can go thru Escrow but it’s going to take some time, he says OK but I’m not driving to the city to sign.
The Title company had to overnighted the docs for him to Notarize and return. They actually got a mobile Notary to come to his house.
Finally, the deal is about to close and the buyer is refusing to pay closing costs. The Realtor claims he’s only making $1,000 on this deal.
I know better than to ask the grouchy old seller and risk losing this deal, so what did I do, I agreed to pay closing costs out of my $7,000 assignment fee. These cost are usually about $1,200 to $1,800
But hell, if I clear 5 Grand on this deal I’ll still be celebrating with a bucket of chicken and an case of energy drinks.
Let’s make some Money


It’s interesting how these deals play out. The Title company emails to say the closing costs are $998. I had to sign an addendum agreeing to pay the closing costs.
Seller says he sent in his paperwork, Title says they are now waiting for funding.
The sleezy Realtor calls and asks if the house is still occupied. He has me on the phone and the buyer is on the other phone, buyer don’t speak any English.
Now buyer is demanding I be the one to evict renter and I must pay the $550 rent till the old lady gets throw out on her ass.
I tell the Realtor that’s not happening. Buyer is responsible for evicting his own tenants. He then says well the buyer wont deposit the money. I wanted to tell the realtor to tell this ahole buyer were he can shove his money. Instead I said OK see ya.
This buyer owns some Mexican restaurants here in town and must be making a killing, but he crossed the border on this white boy.
Easy come, easy go… Next

Dang man, sometimes you gotta take the good with the bad… The way I look at it is if I get a few bad ones, I know Im due for a really good one soon. I had a pain in the butt realtor that took 25 days to get a contract signed. I was the buyer and was gonna flip the place myself. Was gonna make about 30k… easy little flip. So to me it seems like the agent is stalling and maybe sold it to someone else, it shows pending on MLS and I dont have a signed contract… Anyway I give up on her after numerous to contact her and finally got two other offers accepted… Same day as I get these other offers accepted she emails me the signed contract! Now i have no more cash and get to to agree to to a substitution of buyer… all is well. Then I find out the dang septic is bad and like 30 days into this deal it falls apart… so much wasted time and deal fell apart. Next day I get a lead and gonna make $65k… they good always comes :slight_smile: