After working 12 hours a day for 4 days to pull things together for financing, we felt comfortable enough to remove subjects. The only problem was that we were in St. John's, Newfoundland and the deposit cheques had to be 7100km away in Kelowna, BC within 48 hours.  We had gone for a nice lunch on the water of St. John's and weren't
rushing. We were strolling around the lovely shops and admiring the ships on the water - we were still running
on BC time which was 4.5 hours behind us. Our cell phones weren't ringing and we were enjoying a moment of
peace on this so called vacation of ours. Then we decided we'd better look for a Fed Ex office or a place to
send the courier with the deposit cheques. After an hour of asking everyone from the bank tellers to the
security guy on the street we learned that our courier options were limited without setting out to Avalon Mall
- which was more travel than we wanted to do. So we went to the Post Office to find out what time we had to
have the cheques in the courier the next day to arrive by Friday.That's when we learned that we only had 25 minutes until the courier left for the day ... and that was the only option available to ensure the cheques arrived on Friday! So much for overnight delivery! Just as we learned this we got a call from our Realtor. There was a backup offer firmly in place on one of the properties. We'd sent through an addendum to the contract that the vendor had to sign. We couldn't do the deal without this addendum - our financing was contingent on it. The realtor was trying to talk us out of having the vendor sign that piece of paper because she was concerned it could open things up to the backup offer. I quickly explained to her that we can't do the deal without it and given that the seller has bought another house and his deal depends on us lifting our subjects today, we felt pretty comfortable he wasn't going to walk from our deal. Dave spoke with her quickly reiterating what I had just said, hung up the phone and began to run. Despite the confidence we displayed to our realtor we had pits of worry in our stomach.
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Find an Article by Julie Broad in the February 2010 Issue of Canadian Real Estate Magazine
Top 5 Real Estate Investing Articles for February 2010:
#1 - How to Evaluate a Property in 60 Seconds or Less
#2 - 5 Steps to Rent Out Your Property
#3 - How to Succeed as a Landlord
#4 - Missing Ingredient for New Real Estate
Investors
#5 - Housing Boom? Housing Slump?
Hosing Recovery?
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