This is a hard post to write. But, business is business, and people will be people.
As you may recall, we waited to close on this house since November. The IRS hurries for no one, and the house had a tax lien on it, which we wrote about recently. Finally that was taken care of and we had the closing scheduled. All seemed well. Carol and Russell were looking forward to moving in and working on the house.
Then, through no fault of ours, the Lakeland closing got delayed to be the day AFTER this one was scheduled. We’d planned to use the proceeds from Lakeland to pay for the Kerrville Folkways house. So, that set off a mad scramble for funding, a thing we’re sure many of our fellow investors will find familiar. We thought we had arranged for bank funding, but somehow didn’t convey that to the sellers, who were still expecting cash. Everyone was making calls to our bank, who, being a small-town bank, weren’t open very much, and weren’t sure they could quickly re-write all the documents. We asked to close on Friday. After all, we had granted the sellers multiple extensions of their closing because of the IRS. You’d think they could wait a couple of days for paperwork.
But no, instead they returned our earnest money and canceled the contract. I guess someone else could pay that very day. Nice folks, huh? Sometimes it doesn’t pay to be patient, I guess. We should have just told them to go jump in the lake months ago, but it was such a great location!
Real estate investing is full of ups and downs, wins and losses. We will move on, knowing that we now have the chance to find another place to work on, and Carol and Russell can find another nice place to live and fix up. When one door closes, another one opens up, and whatever other truisms are appropriate.