House #29: Second Contract

April 26, 2012 · 0 comments

As I suspected might happen, The Ticket House buyers ended up not being able to get their financing and the contract fell through at the end of last week…

We immediately put the property back on the market, dropped the price by $5000 (to the price where it was previously under contract) and reached out to a number of agents who had expressed interest in the property while it was under contract. Within a few days, we had three more offers. While all the offers were attractive, one was full price with few contingencies, so we went with that one.

The buyers are hopefully using our mortgage broker — which will give us a lot of confidence in their financing if he gives the thumbs-up. And they have already started their inspection process, which is also a good sign; we’ve already completed all the repairs on the previous buyer’s inspection report, so I don’t expect any inspection surprises.

Assuming no major issues, we’re scheduled to close at the end of May…I’ll post more once we get through the inspections…

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign up for our Newsletter and get immediate access to our FREE 150+ Page eBook on New Construction, plus all of our business tools: Single-Family and Multi-Family Business Plans, Rehabbing and Buy-and-Hold Spreadsheets, Contract Templates, and more!
We respect your privacy. No Spam...EVER!