We got an offer on the Evansville HUD last night for more than asking price. WOO HOO! They are asking for a lot in return but it is a more than generous offer, in my opinion. Of course there is 1 sticking point (it can never, ever be easy!)... the buyer is pre-qualified with a broker. Soo, we're in the process of determining if there will be seasoning issues. I told my realtor to just have the buyer get pre-approved through a local bank and it would be a non-issue. She is talking with the buyers agents to get things straightened out. Hopefully the buyer is easily qualifiable (is that a word?)! We also have a rural direct loan that this home would qualify for. IF all goes well we will be closing the end of March and numbers will be pretty good!
Re Furnace: Since we have a pseudo-accepted offer on the property we are probably just going to replace the furnace. We have a lot of wiggle room in our profit to just make the buyers move nice and easy. I don't want her to have a problem in the next year or two if we just replace the heat exchanger. Karma baby... what goes around, comes around.
Finally, Steph put the link to our interview on her blog over at www.flipthiswholesaler.net. Exciting stuff!!!
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6 comments:
WOO HOO! Awesome :-)
No pressure Eileen, but I think you're going to have to keep these frequent updates going now that a lot of eyes will be on your blog, LOL!
Ha, ha... It will be good for me!
I just found out our buyer is FHA-URGHHH. I know they lifted the 90 day rule but I think you can only make 20% on the deal? We are way over the 20%. Sooo, we should find out by next week if that is the case. However, we had another showing today and I'm showing tomorrow. Fingers crossed!
Toes too!
Yaaaay- Congrats, Eileen!
And hey- what fun would a deal be if there wasn't some sort of monkey wrench thrown into the mix?
You'll figure it out.
Keep up the great work, will be looking forward to your updates about this one!
Steph
Nice!!! I'm hoping it all works! Hey, Do you have the usda rural loans there?? Is that the loan you are talking about? Shouldn't be a seasoning issue or profit issue then right??
Yay for you! :)
Steph... Thanks!! Right, what fun would it be?!?! ha, ha.
Kelly... Thanks!! Yes this property would qualify for the rural direct loan and my realtor suggested that to the buyers agent. She basically said she is sticking with FHA and if this property (mine) doesn't work out than they are putting an offer on another property. This is when I HATE working with realtors (or whoever) and not directly with the buyer. Is the agent providing all info to the buyer? Does she know the potential issues that may arise? You know where I'm going with this, it's frustrating. Hopefully we'll find out today or tomorrow what is going to happen with her loan.
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