House #33: Inspection/Appraisal

July 19, 2012 · 0 comments

I just realized that it’s been over a month since I’ve posted about The H2O House (sorry, we haven’t taken pictures yet)…

We received an offer on the property back in mid-June, several weeks before the project was completed (it was torn down to the studs). I told the buyer that we’d be done renovations and ready for inspections by July 3, and with the exception of some very minor details, we were done on schedule. The team worked hard to get this one put back together quickly, and the results are great.

The buyer had their inspection about 2 weeks ago, and nearly all the issues were very minor. The only major stuff was the air conditioner which wasn’t working well (it was a actually a brand new system, and the issue was a duct that had come detached in the attic, so no air was getting to the vents) and a requirement to finish some sheetrock in the garage (we left the front garage wall unsheetrocked and the inspector asked for it to be completed). On top of that, there were about a dozen little issues — from some sinks that needed to be caulked to a couple doors that didn’t close smoothly to dripping drain line in the basement to some siding boards that needed better caulking. Everything was fixed over two days and we expect a reinspection later this week.

The appraisal also came back this week, and came in right at the contract price. This was somewhat of a surprise, as we had expected it to come in low, based on our sale of The Unexpected House (right across the street and sold for $5K less) and other market comps. But, considering the renovations went a bit over budget, I’m thrilled the appraisal came in where we needed it to.

I’ll post more details on the budget tomorrow, and hopefully this one will close next week…

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