Hello 1470 Elm investors, We are still in the contingency period for this property – meaning the time in escrow when the deposit would still be returned if the deal did not materialize. There are two open items which will hopefully be resolved this week and allow us to remove contingencies –
1) Negotiating with the seller on a credit for some flooring in some of the units that will need to be replaced.
2) Finalizing the earn out the portion of the loan with the bank under their new underwriting rules. Once these are finalized we’ll be able to move forward. We’re still hoping to need funds wired in November and close in December.