House #26 is our most expensive purchase to date, we started the list price kind of high to feel the market out, after feeling things out a bit, we lowered the price a bit and now we have multiple offers on the property. We made a decision and opened escrow with a buyer, with one big contingency, their appraisal contingency must be removed by Monday (Jan 25). They are willing to pay over appraised value, but it depends what the appraisal comes in at.
We’ve owned the property for about 60 days now, so I am hoping we can get it wrapped up, closed and sold after owning it 90 days. Obviously, as this is a bigger loan the pre-qualification process is a bit different than our typical $180,000 sale. I spoke with the lender at length and this client is the president of a large company in Orange County that is looking to move his kids into a school in Riverside. They where in escrow on another property, but the appraisal came in 160,000 less than the agreed price.
I will keep you updated on the process, but I am hoping we can get this sucker closed quickly.