House #29: Two Offers / Contract

March 20, 2012 · 0 comments

The Ticket House has been on the market for several weeks, and while we’d gotten quite a few showings, nobody was interested enough to make an offer. But, that changed over the weekend, as we got two offers yesterday, and the property is now under contract…

One of the offers was near full price, and the terms were very reasonable; the other was pretty much a low-ball offer that we would have negotiated if we had to, but we’re glad we don’t have to. While the low-ball offer had better financing (conventional loan with 10% down), we went with the near full-priced contract using an FHA loan — this will require an extra appraisal and some extra scrutiny on the transaction (since it’s a flip), but ultimately it will be worth it.

The buyers have through next week for their due diligence and we’re scheduled to close in a month assuming no issues. I’ll update when we get through inspections…

Btw, it was a busy weekend for The Unexpected House as well…stay tuned for my next post…

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