If you have been following the blog for a while you’ll know we have had some great months, with a lot of acquisitions as of late. But so far in November we’ve only had one closing (House #26).
Right now, we have one property in escrow (House #27). But I would like to close at least three properties in December. Since a typical escrow takes three weeks, I have about ten days to get two more rolling. We are very close on one, it went to highest-and-best and I know we where the highest offer, we have a couple kinks, but I’m hoping I can make that one work.
In an effort to get some more deals rolling, I just finished making a list of all the pending offers we out there, so I can follow up with the listing agents. The list amounted to over 15 offers, we have out there, I would estimate we have offered over list price on 80% of them. Man, this market is crazy. Our hit ratio on accepted contracts versus offers is so low. As an example, there was a property 3 weeks ago that was listed at 89,000. We immediately got in there and submitted an offer at 125,000, of course we missed. Well it closed escrow on Friday at 179,000 cash, well over double list price. That is amazing!!
I am planning to make a video tour of our rental House #24 tomorrow. So look forward to that posting.
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Sounds like a pretty good strategy on the part of the seller to start out really low in order to drum up interest. As they say, the house will sell for what it’s worth, right?
.-= Scott Costello´s last blog ..Probate List is in Hand =-.
Sometimes it works, other times listing agents end up ensuring the property gets sold to their favored investor at a discount.
So how did you do? You are in about Day 6?? Not sure if you are seeing this yet in your market but I am noticing more listings hitting the market recently