Wednesday, June 6, 2012

Another Contractor and the Importance of Following Up!

I met with a 4th contractor yesterday! I now see why people say that a 203k Rehab Loan is a lot of work. The most consuming part is shopping for the best bid. If you know someone who is a licensed contractor who either has insurance or a bond, you'll be fine! Unfortunately, that's not the case for me!

This contractor really took his time measuring everything. It was great, but we were there for two hours... not fun! He measured every single window I wanted replaced even when they looked identical! He was just doing his job and I respect him for that. He didn't give me a quote on the spot because he said he'll need to go through everything in detail to be sure he is giving me the correct numbers. He said I should be receiving his quote late Thursday.

Also, I called the escrow company I'm working with today, Harmony Escrow in Irvine, CA, to make sure they 1) received my earnest money check (EMC) and 2) applied the check to my account. They have received my check, but have not received the sales contract so escrow is not officially open yet. I asked her who is suppose to send them the contract and she said the sellers agent has to send it.

After I talked to her, I informed my realtor about it and he said he'll let the seller know and a few hours later my realtor told me that the seller has sent the contract to the escrow company. I called the escrow company to confirm, and after transferring me back and forth, they were finally able to confirm that the contract was received today at 11:30AM. Nice... I'm glad I called. You see why it's important to make that call?

She said the next steps would be to print out the contract, review them, and after 48-72 hours in the initial step, package is sent to the execution department and then escrow will be open.

Close of escrow is exactly two months from now, August 6, 2012! Exciting exciting!.... Not!... You can't allow yourself to get excited until you have the keys in your hand, at least that's how I feel after what I've been through. I had my very first offer on an amazing deal accepted and I was already throwing myself a parade to celebrate my achievement, for it to fall off of escrow a month later...It's like when you want something so bad and you are making plans on how better your life is going to be once you get this "thing" and you didn't get it.. At this point, your emotions are out of control!

So now, my motto towards my investments projects are "No Emotions, No Pain!" Simple as that!

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