House #1: Re-Inspection/Appraisal

April 13, 2011 · 0 comments

The Corn House sale is moving along smoothly, and assuming there are no hiccups with the appraisal value or the underwriting, I’m hopeful that we’ll get this one closed within the next two weeks…

Because the buyer is using a public loan program for financing, any inspection issues that were identified during the inspection had to be reinspected once repairs were completed. The original inspector found about 13 minor issues, all of which were taken care of by our rehab crew last week. The inspector returned yesterday and signed off on all the repairs, so that hurdle is now out of the way.

Additionally, the appraiser came out to the property yesterday and did the appraisal. Unfortunately, there are very few comps in this area for this house, so I’m not convinced it will be easy to get the appraised value to the contract price. That said, if we can’t get it to the contract price, I’m at least hoping to get close — if it comes in low, we’ll likely just drop the sale price and the buyer will get a bargain. We should know by the end of the week.

Once the appraisal is completed, the loan goes to underwriting, and we should be within a week or two of close.

The last item for this house will be getting a fence put in for the buyer. We agreed to fence the backyard, which is actually pretty big (about 260 linear feet for the fence). We’ve gotten our bids and are now just waiting to get closer to closing before we do the work.

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