House #26 – Flip this Mansion SOLD

I have good news, and bad news.  The first buyer on House #26 fell out of escrow, although, they seemed very strongly qualified I think they could not qualify for the loan.  They never really gave a very clear answer, but I got the idea I should find another buyer quickly.

The good news, is we had a cash buyer as a Backup offer.  I was not real comfortable with their original offer, because of the way they wrote it (not the price), but after speaking with the agent and countering some of the things I didn’t like out of it, the Buyer agreed and we where in escrow again.

14 days later they closed and now own the house.  The escrow went really smooth, they removed contingencies and everything.

Purchase 53.8%
Repairs 12.1%
Purchase + Repairs 65.9%

Overall, that is a pretty great deal, especially considering we only owned the property about 3 months. We also sold the value 10% higher than our appraisal, 4 months ago, which is great too.

We are really out there looking for properties right now.  Not finding a lot of exciting stuff, but we are just starting to look aggressively again.  Have a good weekend.

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