I thought I'd be sharing joy and jubilation after closing on Catalfa .. after resolving the issue of the seller owing $29,000 more on his mortgage than he thought.

In the cartoonish way that Elmer Fudd would tell Bugs Bunny .. "Silly Wabbit...", this deal stepped up and told me very emphatically to >>>>

HOLD MY BEER

The fun was just beginning.

Along with the seller owing more than he thought, we also learned that he hadn't made a mortgage payment since November of last year. Those 3 months of missed payments put him into the possibility of being in pre-foreclosure.

As a result the title underwriter raised about a dozen flags that required a whole slew of hoops to be jumped thru before he'd sign off on a title insurance policy. We spent much of the 13th and 14th going back and forth with viable options.

On the 15th, as a bit of a Hail Mary, I reached out to my private money lender that was providing me with the $30,000 to close and asked if he'd be up for funding the entire deal ... $291,000.

He told me he was getting on a plane but to provide the details. We went back and forth over the next hour or so hammering out the details of the loan amount, deed, deed of trust and he agreed!

My Hail Mary had been answered. He would need a few days to move money around, but that was fine as the seller would be willing to wait another few days to get the funds from the deal.

HOLD MY BEER #2

On the 16th, my private lender told me he had to back out. He hadn't fully discussed the additional amount with his wife and she was rightfully upset.

Holy fucking shit! Now what?

We texted back and forth a little longer and he explained it wasn't about the amount of money .. just that he didn't consult with her. He asked to let him discuss it over the weekend and see if things cooled off.

On the 18th, I messaged asking if we were good and he said "Yes", things were cool and we are ready to move forward .. now we just need to paperwork: a promissory note (defining the terms of the repayment) and a deed of trust (securing a lien on the property)

We take care of those two docs and now it's just a waiting game until Friday, the 22nd.

One the 21st, my private lender wires the balance of the funds to the title company and now we are really all set for closing on the 22nd.

HOLD MY BEER #3

After hours on the 21st, my private lender messages me again, apologizing, but after his attorney reviewed everything, he can't do the deal and asks the title company to return his funds.

I share the news with the title company and am left to find another financing solution. I reach out to my Partners, to hard money lenders, to friends .. anyone I can think of that is liquid enough to help me out.

I don't know how I'm going to get to closing, but I press on.

On the 22nd, I hear from the title attorney. He called the head underwriter at the title insurance company to ask questions about this deal. Long story short, he's told that we can revert the deal back to the Subject To terms that were agreed upon the prior week.

I'm relieved, but still need to get my private lender back into the deal. I call and text him several times in the morning .. no response. UGH!

I speak to one of my PARTNERS, and she tells me that she will fund the $30,000 I need to close, if I can't get my private money guy back to the table.

At 3:30 the private money guy messages me and apologies for the delay. I tell him where we are and ask if he's OK with keeping the original $30,000 in the deal. After a couple hour delay he responds that...

HE'S BACK IN!!!

Today, 25th, just received a text from private lender telling me he's wiring the funds. Now, it's just up to the title company to balance the numbers on the ALTA and send a closer to the seller's new apartment.

I'm keeping the cork in the champagne bottle until I get my hands on that signed ALTA.

Yes .. She Will Be Mine!!!!