House #25: First Contract

September 24, 2011 · 7 comments

As of yesterday, The Drought House is officially under contract to sell…

The house had only been on the market for about a week, and given the feedback we had gotten from the first few buyers who had been through the property, I’m not surprised we received a quick offer (I think there is another buyer who was ready to put in an offer as well). The offer was decent, and given that we are still not sure if it will appraise for the purchase price, we decided not to counter-offer any of the financial terms. Instead, we asked the buyer to use our closing attorney, to pull the closing date in about a week and a couple other non-financial items.

We asked the buyer to use our mortgage broker as well (this would give us a lot more confidence that the deal would close quickly and easily), but apparently she is very tied to her broker, and wouldn’t do it. Given that we can’t force her to use our broker, and that we’ve closed another one in the past with her broker’s company, we decided we were comfortable enough to move forward, and hopefully her mortgage person can get the deal done.

The buyer has a week to complete her due diligence, and we’re scheduled to close towards the end of October. I’ll post more once we get through the inspections and/or first appraisal…

7 responses to “House #25: First Contract”

  1. Jay says:

    I wish I could subscribe to the RSS FEED, but for some reason it just doesn’t work.

  2. Danny Welsh says:

    Great job. I love the pictures from the staging as well. Nice share.

  3. Chris says:

    J, you always seem to get offers very quickly on your houses. What do you attribute that to? I’m sure it’s a combination of asking price, quality of renovation, and marketing – but what do you think is most important? We are finding it takes 30-90 days to get a contract, but we end up getting close to our asking price, so I don’t think we’re overpriced.

  4. J Scott says:

    Hey Chris,

    I attribute our ability to get quick contracts to three things:

    1. 25% attributed to having the nicest property (and potentially the only rehab) in the area;

    2. 25% attributed to having the best priced move-in-ready property in the area;

    3. 50% attributed to my wife’s ability to beautifully stage/photograph/market our properties, create and sell a great brand around our rehabs, build amazing relationships with agents in our area and convince buyer’s agents that working with us and buying our property will by-far be the best decision for their clients. I don’t know exactly how she does it, but after 10 minutes on the phone with my wife, agents are excited about showing our property to their clients, they WANT to work with us, and they go out of their way to convince their client’s to want the same thing. And those agents that do work with us on a sale will stay in touch and constantly ask what new properties we have coming on the market.

    My wife is literally the secret to our success.

  5. Tom Greene says:

    Congrats to you and the CLOSER!

  6. Chris says:

    Thanks for the response. I hope your wife reads the blog, because you just earned some points! My wife is an amazing agent as well, but sells new homes, and therefore can’t market my properties. My partner and I are both realtors, and I think that marketing is the biggest thing we need to work on, even though we have been pretty successful.

  7. Mark says:

    I think online marketing and especially social media is the best way to getting quick offers these days, and as they say “you could have the best property in the world, but if no one sees it, it won’t matter”. Good luck with The Drought House Scott.

    M Mark

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