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Listed a house:

Scorpio

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#1
a week ago. Was rented out. Moved the renters out, grabbed the lipstick, and allowed showings starting today.

there were 14 scheduled showings, and already 3 offers in, with more showings yet to go until 9 this evening.

so one day on the market produced 3 offers first day so far, with realtors stating lack of inventory.

Which of course is why I moved fast to get the tenants out, clean it and get it on the market. The price is med to low end for the area, so it absolutely hits the target market I was after.

All offers over asking. Waiting now to see how it settles in. Priced it low to generate interest, and not one offer at ask, as they all 'get it'.

No stupid contingencies, just normal stuff like inspections or mortgage.
 

BackwardsEngineeer

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#2
Congrats,
Try to use your leverage in acceptance by stating owner will give some amount toward repairs say $1500 to 3000 in leu of any and all futures repairs. Just a thought but the nickel and dimeing can add up quick, to me the system is set up to gouge the seller at closing, so get ahead of it by limiting the dollars and eliminate future liability.
 

nickndfl

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#3
Congratulations. Take more $ down with no refund in the contract and take contingencies too.
 

davycoppitt

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#5
Damn, Nice work. Your market sounds like ours around here. House down the street just sold for 15k over asking with multiple offers on the first day.
 

Hystckndle

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#7
Might consider giving up the $ for a home owners policy for them and future repairs. Takes a little heat off the walk through misc this and that and this and that.
Home inspectors, if they get one, those guys make me crazy.
Do they have " as is " contracts up there ?
Forget if I asked b4.
Regardless, congrats !!!
Regards Scorp,
 

Goldhedge

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#8
There was a house round these parts that went on the market for $120K


Lasted all of 21 minutes....
 

Scorpio

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#9
Done deal,

3 of the offers were the same exact price, then 1 higher offer.

told the 3 to come back with 'best and final' as they were deadlocked.

the one I wanted to get it came back with the best total overall.

Did not beat the highest bid, but highest of the 3

Ended up at $9500 over list

Now we wait for the close................
 

mayhem

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#10
You'r not going to hold the note? I did that in the mid 70's and sold the same house 3 times in five years. I must say I haven't been following the market so it wasn't advice, just a thought.
 

edsl48

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#11
In just a few short years in my area houses were, on a cash basis, going for 1/2 of HUDs asking prices. Now HUD houses start a bidding war when they hit the market. I have seen basic 1000 sq ft ranches go for 50,000 a couple of years back now going for 139,000. I have seen these types of cycles over the decades of my lifetime to where it seems that the old axiom of "location location location" has given way to "timing, timing timing."
Congratulations Scorp...sounds like you have the cycle figured out perfectly.
 

Scorpio

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#12
to where it seems that the old axiom of "location location location" has given way to "timing, timing timing."
this is so true for everyone,

3 years ago after I bought it out of foreclosure on a short sale, couldn't get a bid

ended up selling it then on a lease to own basis, when that option expired, took it back.
 

Flight2gold

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#13
Awesome.
Bidding wars are the place to be.
 

Scorpio

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#14
Just a thought but the nickel and dimeing can add up quick
I hear you guys that have mentioned this,

but I do go thru them pretty hard before ever listing anything, then hold my ground on the bs stuff. That is why I tossed the high bid as they had 'if doesn't appraise, seller to pay the difference'. I don't do generic clauses that can go against me late.

one thing we all know, is that in a market lacking inventory, if they drop out, where are they going? Another? Paying more for less? Or?

I'll be in and out of it until the close making sure everything is nutted.
 
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Scorpio

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#15
fyi, common thing now is 'radon' inspections.

radon coming from the soil is very common, always has been. As houses have tightened over the years, the amount of radon accumulation in housing is actually going up. They have now asssigned a value of >4.0 PPM is not allowable.

this particular place came in at 4.8 ppm. Had to put in a radon remediation system, $699 later and it was completed, and now passed the test.

some other minor issues from the home inspection, that are now taken care of and reinspected.

should be ready for a close pdq

buyers are standing in and not looking to exit, so we should be cleared to land.
 

Goldhedge

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#16
To "fix" radon all one need do is open a basement window!

Of course, the radon mitigation folks won't make any $$ that way!
 

<SLV>

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#18
In hearing the same thing from all of my friends. Multiple offers the first weekend it is listed, and all over asking price.
 

mayhem

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#19
I hope it holds on for another six months.

And glad you have buyers who are sticking with ya Scorp.
 

davycoppitt

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#21
Our basement was slightly over 4 PPM for radon. Installed this cheap tjernlund 4" PVC inline fan for a total cost of under $100. Sunk the pipe down into the sump pump. Its not code since it is in the basement and not on the outside, but at the time I wasn't planning on selling. Did however make it so I could just cut an outside radon fan in. The little 90 CFM fan brought our basement down to next to nothing. It also made the basement smell and feel much fresher.

Seems you got off pretty light on that Radon system. Buddy got hit for $1200 on his.