First Rehab On The Market, Offer Received!

27 Replies

My first rehab is finally finished, and I received my first offer yesterday after 9 days on market. I'm countering the offer today and am hopeful we can get it under contract.

Thank you to everyone here on BP for your contributions to the forums. I have learned so much but I also have so much more to learn. This first project was certainly a learning experience, and I can't wait to get it behind me and move on to the next one.

You can see the photos and info for the project at my website listed in my sig below. Feel free to leave any comments or questions!

Thanks guys! And thanks J for your insights and contributions to this site that help me and others like me. I firmly believe that helping others is something that finds its way back around to you. Let me know if there's anything I could ever do for you.

Originally posted by Eric L.:
The house looks great! Congrats! I really like the layout of the site as well. I've bookmarked it so I'll stop by from time to time.

Thanks! If you're on Facebook, you can "like" the Mended Properties page if you'd like. I post an update there whenever I have an update on the website.

What kind of bike are you riding? I've roadraced for probably 12 years or so. I also have family near Minneapolis in Brooklyn Park!

Congrats,

Just seeing the picture, looks good. Hope the sale goes smooth and you can get to hold that profit check very soon, that makes it all worth it.

Good Luck !

John

Originally posted by Andy Bankston:
Thanks guys! And thanks J for your insights and contributions to this site that help me and others like me. I firmly believe that helping others is something that finds its way back around to you. Let me know if there's anything I could ever do for you.

We don't live too far from one another...hopefully there will be some opportunities to work together!

Thanks everyone!

Originally posted by J Scott:
Originally posted by Andy Bankston:
Thanks guys! And thanks J for your insights and contributions to this site that help me and others like me. I firmly believe that helping others is something that finds its way back around to you. Let me know if there's anything I could ever do for you.

We don't live too far from one another...hopefully there will be some opportunities to work together!

That would be great J. I'll keep an eye out.

Just a quick update: It looks like we've come to an agreement with the buyer. They increased the purchase price a little and shortened the contingency periods for inspection and financing to 10 days. The offer is for over 95% of list price, and I'm happy with that because there are some concerns that the house might not appraise for much more than that because of an increase in foreclosures in the area. I'll also be paying $3k towards closing costs.
I hope to have a signed contract tomorrow so wish me luck!

Originally posted by Andy Bankston:
...and shortened the contingency periods for inspection and financing to 10 days.

Andy,

Here's a tip that might be helpful in the future (we do this on all houses we sell): Always offer the buyer an inspection period that ends on a Friday afternoon, but at least 7 days away. So, for example, if the contract were ratified today, they would have until next Friday (June 29) at 4pm for their inspection contingency.

This serves two purposes:

1. On their side, they always get at least 7 days, which should be enough for inspections;

2. On your side, your property is never off the market for more than 1 full weekend, which as a sell is very important.

In your situation, you have a contract that gives the buyer 10 days for inspections -- if they back out at the last minute, your property will be off the market both this weekend and next, which means that's one less weekend to market if your buyer backs out.

Not a huge deal, but something to keep in mind for the future. Also, 10 days financing contingency is really short -- congrats on that!

Originally posted by J Scott:
Originally posted by Andy Bankston:
...and shortened the contingency periods for inspection and financing to 10 days.

Andy,

Here's a tip that might be helpful in the future (we do this on all houses we sell): Always offer the buyer an inspection period that ends on a Friday afternoon, but at least 7 days away. So, for example, if the contract were ratified today, they would have until next Friday (June 29) at 4pm for their inspection contingency.

This serves two purposes:

1. On their side, they always get at least 7 days, which should be enough for inspections;

2. On your side, your property is never off the market for more than 1 full weekend, which as a sell is very important.

In your situation, you have a contract that gives the buyer 10 days for inspections -- if they back out at the last minute, your property will be off the market both this weekend and next, which means that's one less weekend to market if your buyer backs out.

Not a huge deal, but something to keep in mind for the future. Also, 10 days financing contingency is really short -- congrats on that!

Thanks, J. I had not thought of that, but it makes a lot of sense.
As far as the financing contingency, the buyer's pre-qual letter shows them paying a $40k down payment, which hopefully means the financing won't be an issue. Thanks again for the tip, I'll definitely keep that in mind going forward!

I wanted to say congrats and thanks for helping to keep others(like myself) motivated. I took a look at your blog and like the layout and the information.

We are under contract with our first rehab/flip as well, so hoping to keep that momentum.

Jason

Originally posted by Jason Stanley:

We are under contract with our first rehab/flip as well, so hoping to keep that momentum.

Jason

That's great! Do you have blog?

Originally posted by Shane Woods:
Originally posted by Jason Stanley:

We are under contract with our first rehab/flip as well, so hoping to keep that momentum.

Jason

That's great! Do you have blog?

I don't have a blog yet, any suggestions on a good starting point would be great. I've got some good before and after pics and I think it would help me keep on top of things.

I closed on the sale this morning. You can see the details and financial recap by clicking the link to my website in my sig below. My profit took a hit due to the long period of time I held the property, but it's now under my belt and I'm ready to find another one! Thanks again for all the feedback and support!

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