Lo and behold, we actually got the Creek House (the one featured in photos in the previous post) under contract late yesterday, at $38,000. I have to say I was pretty surprised when our realtor called to say we got it, as I thought the only way we’d get it at any price under $40K was to quickly get it under contract before anyone else realized it was for sale, so I pretty much wrote it off when multiple offers popped up over the weekend.
It was kind of funny talking to our realtor, as the first time he called to tell us we got it he didn’t have any other info, but he called back a little later after talking to an agent in his office who had submitted one of the competing offers on it. (Her clients were checking it out at the same time we were on Saturday, who also were looking at it for a flip.)
When our realtor first called, I’d mentioned that I was glad to get it, but I also wondered if the whole submit your best and final offer upfront demand from the selling agent had cost me some money, as the other offers might have been lowball offers, etc., with ours the only one above asking price. He called back and said he’d found out what the offer from the agent in his office was, and I’m like, “Dude, just don’t tell me if it was something like $25,000. Don’t even tell me.” and he laughed and said no, that I’d pegged it pretty well, as the competing offer was for $37,500.
We’re scheduled to close on March 23rd, so not much room to dawdle as far as getting ready to roll. I need to go through it with our contractor, electrician, and plumber to put together a scope of work to show the bank, as far as getting approval to buy it through our line of credit, as well as getting the final few things on the punch list for the Wee House wrapped up.
I have to admit it’s a little scary tackling a flip these days with larger economic uncertainty swirling around (and especially one that’s a pretty substantial rehab), but I’m actually very excited about this one, as it’s not only got the potential for a nice payday, but it’s working with a cool older house with some nice features. It’d have been nice to take a few weeks off from the grind, but hey, the grind’s not so bad, and opportunities like these don’t come along often for properties like this, at a price point that makes sense for a flip.
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