House #17 – Is Now Sold!

As of yesterday, House #17 is sold.  This one took two escrows and was a bit difficult to make it happen.  We got a cash offer, and right as we finished negotiating the buyer had a stroke, so he had to withdraw the offer.  Later we go a conventional offer, with $150,000 down, from an experienced agent.  We opened escrow and they made it to the inspection stage, but I guess the buyer’s father “helped” the inspector do his job and ended up calling out a bunch of stuff that became really “nit-picky.”  Looking through the inspection we agreed to portions of it, but refused to fix certain items, so that killed that contract.  And finally we hit out 90 day’s of ownership and started looking at all the FHA offers we received.

We narrowed it down to 2 offers with very similar qualifications, issued a counter to both of them and eventually decided to move forward.  It took about 45 days to close escrow, which is a big longer than I was hoping, but that 45 days was through Christmas and New Years.

Now to the numbers:

We sold this house for 23,000 more than our hard money lender appraised it for 5 months ago.  Our purchase price was 57% of the sales price and our repairs were 12% of our sales price.  We owned the property for 147 days.

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2 Responses to “ House #17 – Is Now Sold! ”

  1. Matt K says:

    Hi Steve,

    How is the market out there? Are you still getting a lot of action from buyers??
    .-= Matt K´s last blog ..82 Lasalle St, East Longmeadow…. Finished and Staged =-.

  2. Steve says:

    Yes, we are still getting action from buyers. Prices are going up and I don’t have a lot of retail properties right now. House #16 is going to hit the market Thursday or Friday, so we will see what happens.

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