House #5: First Offer

March 24, 2009 · 4 comments

It’s been a good couple days…

After receiving an offer on The Second Chance House less than 48 hours after putting it back on the market, we received our first offer on The DIY House today, just a week after putting it on the market!

It was a very reasonable offer, and while we’re negotiating a few details (closing date, choice of lender, earnest money, etc), the financial terms are right where we were hoping to be.

The big question on this one is whether the buyers will trying to go FHA on their loan or not (they’re leaning towards VA or conventional). If they don’t go FHA, we should be able to close the middle of next month; if they go FHA, we’ll have to wait until April 29, at the soonest, due to the FHA restrictions on selling houses within 90 days of purchase. So, we’re trying to push them away from FHA, and hopefully they’ll agree.

We’re still negotiating this one, but hopefully we’ll have good news in a day or two…

The one thing I feel badly about on this one is that we had a really nice couple come look at the house on Saturday and then again on Sunday. I have a feeling they were planning to put in an offer (with my wife as their agent) later this week, but we haven’t been able to get in touch with them today, and don’t want to drag our feet on the offer we already have. I know they’re going to be disappointed (they have family on the same street that they want to be near), but hopefully we can find them another place that they love just as much…

4 responses to “House #5: First Offer”

  1. Bilgefisher says:

    If they go with a VA loan, I strongly recommend expediting the paperwork and making sure they call they VA damn near daily. My VA paperwork took nearly 3 weeks to get approved.

    They need a proof of eligibility from the VA. I think there is a way to speed the process to 1 day turnaround. The lender can also get a pre-approval in seconds online via the VA website, but some lenders require both right now. Shoot me an email if you have any questions helping the process along.

  2. J Scott says:

    Great info, Bilge! Thanks…

    I may be giving you a call if they go this route…I haven’t yet dealt with any VA loans…

  3. Hakrjak says:

    That always bums me out too! When I have a house that I KNOW is worthy is multiple offers, and then you can’t pull everybody together in time to make it happen. So far I’ve only been able to get 1 multiple offer bidding war started, and it turned out great for me! Looking forward to more.

    – Hakrjak

  4. Ingrid says:

    Good deal on the DIY house. I’m not surprised you got a good offer so soon – the house is definitely a winner! Hopefully the other couple your wife is working with will learn a good lesson – strike while the iron is hot.

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign up for our Newsletter and get immediate access to our FREE 150+ Page eBook on New Construction, plus all of our business tools: Single-Family and Multi-Family Business Plans, Rehabbing and Buy-and-Hold Spreadsheets, Contract Templates, and more!
We respect your privacy. No Spam...EVER!