Two conditional mortgage acceptances, an engineers report, title search and a contract drawn up but still awaiting revisions — after all this the seller’s lawyer reveals that it was never the sellers intention for me to provide my own funding. Rather timelines and requirements were pushed up to ensure I would have to assume his mortgage — after I manage to get everything online and ready to go (on time), he sits on the contract revisions until it’s too late.

Not to mention that the title isn’t clear, so even if I was totally willing (which I’m not), I couldn’t assume his mortgage (which is actually held by his cousin) — not to mention that the mortgage may be in default and nearing foreclosure.

So it’s back to the search, unfortunately, the sale of the other property has gone through as of yesterday and I have 44 days left to ID three potential properties to the IRS in order to comply with the terms of the 1031 exchange. Anyone know of a 2-3 family place for sale in Astoria that isn’t more than 10 minutes walk from the N/R? =)