House #7: Second Offer

April 7, 2009 · 4 comments

We just got our second offer on The Roach Duplex (which again, is no-longer a “roach duplex”)…

While a little bit weird, it was a full-price offer. The weird part of the offer is:

– Buyer is requesting 7 days due diligence
– Buyer has a financing contingency
– Buyer has an appraisal contingency

While this isn’t uncommon for most real estate purchases, the fact that I expected this duplex to sell to a serious investor, I wasn’t expecting a financed offer. I also wasn’t expecting an appraisal contingency (I have no idea what the appraisal might come back with).

Anyway, it’s a full-price offer, and we don’t have any other compelling offers right now, so we’ve accepted it, and we’ll see if we get through both due diligence and financing/appraisal without any major issues. I’d be really surprised if we could close this deal with this buyer, but it’s worth a shot…

4 responses to “House #7: Second Offer”

  1. Aly L. says:

    The Roach Duplex…a great name. Were there really roaches? It looks cute.

  2. Rowen says:

    Great news. I know that place was gonna sell to someone. I had a good feeling about that place, I don’t know why.

  3. J Scott says:

    Well, hopefully it will sell to this buyer. Between inspections, financing contingencies and appraisal contingencies, there’s a lot that could go wrong…

    Aly – Yeah, the first time we looked at this place, there were a lot of *dead* roaches. The bank cleaned the place up before we purchased it…

  4. Bilgefisher says:

    This would be a heck of a property for a brand new investor. Rent out one side and live in the other. 550 rent would more then cover cover a mortgage payment + PITI for the price you are selling at.

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