House #15 – Sold

I should have posted about this before Christmas, because this house sold on December 21.  But I am way behind, as you know.

We bought this house at the end of July and ended up owning it almost 150 days (you got to love the FHA 90 day rule).  The house had slight fire damage and needed a lot of repairs for a small house, the listing agent was someone we have not worked with before.

The original offer was way above what I thought it would appraise for, with us paying for some closing costs.  I spoke with the buyer’s agent and he let me know if we did run into appraisal issues his client wanted the house so bad they could pay their owning closing costs.  I was sold, and we opened escrow.

Everything else went pretty smooth, we did have a break-in, which was pretty bad (cost about $3,500 to fix).

Purchase Price were 34% of sales price.  Repairs were 28% of sales price (with the break-in), so that totals 62% on the dollar.  We did sell this property 16% above the original appraised value.

Overall, it was another great deal.

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