House #45: First Contract

August 23, 2013 · 3 comments

It’s been over 2.5 months, but we finally got our first offer and contract on The WI-3 House

This was a great example of a house that had some design issues and just needed to wait for the right buyer. It’s a 3-bedroom house, but the master bedroom is on the main level. While a “master-on-main” isn’t necessarily undesirable, it’s very uncommon in these older type neighborhoods where the houses are relatively small. The master bedroom feels more like it should be an office or family room.

We originally listed for $179K, and quickly dropped it to $173K. We knew we were priced right given the large amount of buyer traffic and the great feedback, but unfortunately, that main-level bedroom just turned off a lot of buyers. Ultimately, we got a full-priced offer, we’ve gone through inspections (some issues came up that we agreed to take care of), and now we’re just waiting for the appraisal to come. We’re scheduled to close mid- to late-September.

We’re going to make very little profit on this deal (though we expect to at least make a little)…I’ll discuss the reasons for that in a later post…

3 responses to “House #45: First Contract”

  1. Aunmari says:

    Do I need to subscribe to read entire post? Thank you

  2. J Scott says:

    Hi Aunmari,

    Nope, you can read every post I’ve ever written without subscribing… 🙂

  3. Good luck on the flip and keep us updated!

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