House #32: Three Offers / Contract

March 21, 2012 · 3 comments

I haven’t posted any final pictures of The Unexpected House, and that’s because the house hasn’t been photographed or put on the market yet. But, despite it not being listed, we’ve already received THREE FULL-PRICED offers and have accepted one of them…

Because we spend a lot of time networking with buyer’s agents in our area, many of the agents will call us as soon as they get a new client, just to see if we have anything available for sale (for some reason, they like our properties and like working with us :)). This weekend, we got calls from a few agents asking if we had anything available, and we sent three of them over to The Unexpected House with their buyers. Within 24 hours, we had three full-priced offers in our inbox.

It doesn’t surprise me — this house is relatively large for the area (4 bedroom, 2.5 bathroom, 2200 square feet), has great curb appeal, and is priced very competitively. While we could likely have gotten it under contract for $5-10K more, I don’t think it would appraise for more than we were asking, so there wasn’t much point in increasing the price or doing more marketing. In fact, there’s a reasonable chance it won’t appraise at the current contract price, though I’m hopeful it will. Ultimately, we selected the offer that we believed had the most reasonable chance of closing without any issues — that was the offer from a buyer was was approved through NACA, a non-profit assistance program that we’ve had some very good experiences with.

Btw, the reason we weren’t rushed to get this one on the market is that it has a 90-day resale restriction — we purchased it as a short sale and the bank made us agree not to resell for 90 days — so, we can’t close on the sale until mid-May anyway. Hopefully, we’ll get through inspections and appraisals long before closing and everything will be set by the time the closing date comes. I’ll try to post some more pictures in the coming days…

3 responses to “House #32: Three Offers / Contract”

  1. Don Hines says:

    I am glad to see someone else pushing the envelope on pricing. You seem to be trying to raise the bar in your area for prices. I don’t know if you saw some of my post on BP, I am on my 3rd contract after the 4th offer on my most recent rehab. All of the offers have came in at or near full price and the buyers agents have all been selling it hard. Crazy stuff has happened. But, we are going through the FHA inspection tomorrow. So, maybe we have a winner here. The ADDI inspection and appraisal is next. The inspections don’t bother me. But, I am a little anxious about the appraisal.

  2. Luis says:

    Nothing wrong with multiple full price offers!

    Are you seeing increase buying activity from retail buyers in your area or do you think these offers are a result of a large house in great shape at a competitive price?

  3. Don Hines says:

    I got Zinged on the inspection by some stuff my original contractor didn’t do right. But, worse than that, I don’t have as much square footage as I thought. I should have measured when I bought it. Now I know. Cost me about $7k to learn that!!
    Are you addressing your question to me? I am really encouraged by the activity this house has had. I can’t wait to get anopther one going. This price range really works for me. I think that if I went into the next one up, I would be competing with too many OOs that don’t mind doing some cosmetic stuff on their own. I am finding really distressed houses on the MLS in what I consider SoSo areas that will not FHA and requires a guy like me to come in and rescue it. I am shocked to learn there are so many programs and grants still available to those who would otherwise not qualify.

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