Selling a Flip Before Completion
We have been working on a high end flip -- at least it is considered high for our market. The approximately ARV is around $500k. We have intentionally allowed realtors who show up at the house to look at it but have not allowed them to bring clients until we are closer to completion. Two days ago, a couple showed up and said that their realtor had mentioned the house to them. (NOTE: Their realtor is not one that has shown up at the house nor one we have ever talked with previously). Long story short, the people are very interested in purchasing it and according to them, "price is not an issue". They said they were very impressed with the quality of the work we had done and the loved the finishes and styles we had chosen. (Funny since our contractor thinks we are crazy with some of our design choices. Love the validation from even a prospective buyer that they like it).
My question is, what are the pitfalls or things to watch out for when negotiating and dealing with a house that still needs to be completed? Basically, everything is done except for refinishing the hardwood floors, installing light fixtures, bathroom accessories (mirrors, towel bars, etc) and we are still waiting on the quartz counter tops for the kitchens and bathrooms to be delivered.
The only changes the folks may request (and say they are willing to pay extra for) are:
1) Changing the back porch to a screened porch. Should be fairly easy as it already has a roof and 2 sides
2) Having hardwoods in the 3 upstairs bedrooms instead of carpet. There is old pine in there now but we would have to interweave additional pine in a couple of the rooms, as we added approximately 1,000 sf to the back of the house. (We were originally going to do carpet in only the upstairs bedrooms and have almost 100 yr oak wood floors downstairs, including the master downstairs.)
I have purchased light fixtures for about half of the house (3,000 sf), but have yet to purchase the other light fixtures and bathroom vanity mirrors. We have 3 other houses waiting in the wings to get started, so I would just as soon keep my lighting to use at one of the other houses and give the buyers an allowance so that I don't have to spend my time looking for the "right" lighting that they may or may not like. Right line of thinking or not??
We have never been under contract on a house that is not yet completed -- and let me make myself clear, this is not a sure thing. I don't count my chickens before they hatch but want to get my eggs in a row. (I guess I really do sound like I am from Tennessee!) Any advice would be greatly appreciated.