Rehab #10, Revere & Rehab #11, Everett – Dead Deals

Office lifeI haven’t mentioned these deals in a while because like most short sales, the progress has been very slow.  I was hopeful that these deals would materialize based on the attorney and bank’s feedback, however, neither of them have moved forward in our favor.

My partner got word that the copper in Rehab #10, Revere was completely ripped out of the property.  After notifying the bank and providing the additional cost to replace, they ultimately didn’t feel a replacement was necessary and therefore would not approve a reduced purchase price.  This was a deal breaker for us because with it being a large 2-family home, it was going to cost us a considerable amount more than we were comfortable with.  In the end, we decided to pass on the deal.

Rehab #11, Everett also has a bad ending in that the sellers haven’t responded to us or the attorney working on the short sale.  Since we aren’t able to obtain signatures or any correspondence, the short sale is dead and the property will likely be foreclosed on in the next couple of months.

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  • Zac

    That’s too bad Justin … it’s puzzling that the bank didn’t feel that replacing plumbing in a house was necessary. Is a new buyer expected to build an out-house and bath down at the local pond? Ridiculous …

    • I too was shocked that the bank didn’t feel the loss of all the plumbing was an adequate reason to reduce the price. In any event, another investor came in and bought the property after we passed on the deal.

      I like the idea of a communal out-house….would definitely save on my rehab costs.

      • Shaun Reilly

        They didn’t think there could be any or you wanted to much?
        None seems insane, of course it sounds like some greater fool went in and gave them what they wanted.
        As parents of small kids we know that rewarding bad behavior is a great way to keep them doing it… Naughty banks overpricing their crap…

  • Shaun Reilly

    So projects 10 and 11 didn’t work out, but 12 did.
    How will you handle numbering the next deal????
    I like to dig into the real meat of the subject. 🙂

    • Hmmmm….good question Shaun. I could do 10a and 11a or maybe I’ll jump back to 3 just to confuse everyone. You’ll have to stay tuned.

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