Cleared 20,580 against a 26k underwrite. Extension pricing is why it closed.
Small midwest city, 1970s brick six unit, all occupied, seller was an estate winding down. I had it at 214,000 and resold to a local operator at 249,000. Took title and held it seven days rather than closing both legs the same morning, because the buyer's lender wanted their own walkthrough after the deed moved.
What it cost, actual settlement statements:
Leg one, buy side: settlement and title work 1,850, transfer tax 1,070, recording 180. Call it 3,100. Leg two, sell side: settlement 1,400, transfer tax 1,245, recording 165. Call it 2,810. Transactional funding: 2 points on 218,000 is 4,360, plus a 1,250 doc fee, plus seven days of interest at 12 percent, about 500. 6,110. Insurance binder for the seven days I owned it: 310. Municipal lien for unpaid sewer that surfaced in the buy side title work: 4,100. Seller credited 2,000, I ate 2,100.
35,000 spread, 20,580 left. I had underwritten 26,000, so I was 5,400 light, and 2,100 of that was the lien and the rest was me being optimistic on the funding doc fee and the sell side transfer tax rate.
The part that nearly broke it: my funding commitment was ten days and the buyer's lender slipped three. I had extension pricing written into the commitment at half a point per week before I ever signed with the seller, so the slip cost me nothing extra inside the first week and I knew exactly what week two would cost. Without that clause I'd have been renegotiating with a funder who knew I had no alternative.
What I'd keep: the written extension price, and paying for a full title search before my deposit went hard. The sewer lien would have been a much worse conversation on closing morning.
What I'd change: I priced the resale transfer tax off the buy side rate. Different base, different number.