House #4: Under Contract

November 19, 2008 · 4 comments

It’s official — The Yellow Stain House is now under contract to be sold!

We’ve gotten tremendous interest in this house over the past week, and it was only a matter of time before we got an acceptable offer. Today, not only did we get a very reasonable offer, but a second potential buyer who visited the house a few days ago told their agent they’d be back tomorrow and would likely put in an offer as well. The second buyer tipped their hand at their highest likely offer, so we went back to the first buyer who made the first offer and told them that if they could match it, we’d accept immediately (no reason to wait until tomorrow and risk losing the sale for an equivalent offer).

There was a bit more haggling, but in the end, we got near full price, with excellent terms — an as-is sale (no due diligence period), over 3% earnest money, all cash offer, close in one week. It doesn’t get much better than that!

In fact, the closing is already tentatively schedule for next Tuesday morning, and if it can be arranged with the closing attorney’s and the buyer, we may possibly move it up to as soon as later this week.

Hopefully there won’t be an update on this one until after the closing…with no due diligence period, the earnest money is already ours to keep, and I’m hopeful the buyers will be able to close quickly, as promised…

We also got our first two calls about The Corn House, and two separate buyers were planning to look at that one last night. While I’m not expecting much, the fact that we got two buyers through there within the first week of my wife taking over the listing (after our previous agent didn’t get anyone through there in a month) makes me really happy. It’s a great house, and I’m confident that we’ll get an offer as soon as we can get a couple more potential buyers through there.

4 responses to “House #4: Under Contract”

  1. kristeen says:

    Congratulations! This one went fast! Great strategy on this house – good job Lish!

  2. Bilgefisher says:

    Congrats on the house. Very good to see another one down. It seems very foolish to me that that realitor did not put more effort into your houses. She could have had a steady client and a steady stream of commissions. Either way, hope it closes quickly for you. I admire the finished products you are putting out.

    I do have one concern. Is it legal to let the 1st buyer know what the 2nd offered? I honestly don’t know the answer on houses. I know on bid contracts this can be iffy. Just a heads up.

  3. J Scott says:

    Hey Bilge –

    I should have been more clear about the competing offers. I never told the first buyer what the second buyer was likely to offer…I only gave him a take-it-or-leave-it price that happened to be equivalent. I never said (nor did my broker) that the other offer was $X and if he could match it, we’d take his offer.

    You’re right that disclosing an offer amount from one buyer to another is “against the rules,” and we’re being extra careful about adhering to the rules…

  4. Bilgefisher says:

    Good to hear. I figured it was my misinterpretation of what you posted, but thought I’d check anyway. Congrats again on the house.

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