We listed this property in June for $106,900 and received an about a week afterwards. The buyer offered $100,000 and asked for $3,500 in closing costs with an FHA loan. We quickly sent a counteroffer to the buyer for $105,900 with the seller agreeing to pay the requested closing costs. The buyer accepted.
Our appraisal went as planned. The inspection revealed some repairs that the buyer asked to be completed. After negotiating those repairs, the seller completed them and we closed on time.
What makes this transaction so interesting is that this was an investment "flip" property for my seller. You might recall that I wrote about this home being purchased in December from HUD.
My client did very well on this transaction. His secret? Attention to detail. Unlike many "flip" properties where problems are just painted over, my client took the time and effort to worry about details like landscaping and finish work as well as the basics like kitchen and baths. That attention to detail put us at the top of the pack and the home sold quickly.
Congrats to my seller on a job well done!
If you are considering purchasing a property to fix and resell for a profit, contact me, and lets put a plan together for you.
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