Our seller gave us the receipts for all the work s

[MrsAxilla]

Nearly $100K! She's a REA in the flipping business on the side. I'm pretty sure our house is one of her first projects. She paid RETAIL for all the cabinets, tile, carpets, appliances, hardwood floors, fixtures, etc. She had a construction loan, and when our closing was delayed, our REA agreed to pay her interest for those days. He got a copy of the paperwork and discovered that she has a 15% percent interest rate on a five month loan! Insane! Plus there's a balloon payment due in a few weeks. Our REA also flips, and he says a 5 or 6% rate is the norm. The seller's interest works out to $100 a DAY! And who in their right minds takes out a five month loan? What if the house sat on the market for a while? She was all irritated that closing was delayed (as if we had any control) and I thought that was odd - would she rather delay closing a week or put the house back on the market and start all over? At $100 a day, now I know why she was pissed!

I have to admit, though, she did a beautiful job! She didn't skimp on materials and has lovely taste. But it also sounds like she's not making much profit off of us.

And we finally close on Monday!

[Deleted]

Holy smokes, I can't imagine putting 100k into a house I was flipping. Hopefully she got the house for next to nothing or it doesn't seem like she would make much of a profit.

[mrsemilys]

Good for you that you have receipts for all the work. Wow.
Good luck with your closing!

[hunniapple]

Wow that's crazy but hopefully she learned a lesson for her next project! I am glad she gave you receipts so you have the info for warranties, etc.