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Updated almost 10 years ago on . Most recent reply

User Stats

52
Posts
5
Votes
John T.
  • Dayton, OH
5
Votes |
52
Posts

full price offer 2 days before house open to public

John T.
  • Dayton, OH
Posted

wanted to get opinions on this. I've done rehabs but they've always turned to rentals, this is first house i flipped so im new at this selling thing. I listed my property on monday but nobody was allowed in til thursday. Well 2 people got in anyway. One party seemed very interested i personally met them and from there chatter with me they seemed basically sold. The other party had a realtor video the house to his client who is across the country and moving here in 45 days. Another party is pushing to get in tomorrow cause they want a chance before it goes away. So the guy across the country made the offer. Apparently hes had a few places slip out of his hands and now he placed a full price offer. However its a VA loan which requires 4% at closing apparently and he wants home warranty, few other things included in closing costs i would effectively pay.

So in the end its about a 5% reduction in asking price.  Neighborhood is real nice and inventory for type of home ive done is low.  If it were you, what would you do?

Sidenote: house is priced at a good sweet spot and the quality seperates it from the pack so i dont feel like its way underpriced based on comps etc.  I cant move on to next one til i get money from this one

Most Popular Reply

User Stats

153
Posts
105
Votes
Michell P.
  • Residential Real Estate Broker
  • Portland, OR
105
Votes |
153
Posts
Michell P.
  • Residential Real Estate Broker
  • Portland, OR
Replied

On the listing you can do a "all offers will be submitted to seller at *date"" - maybe a week after you put it on the market.  It gives everyone the chance to evaluate the property and submit their "highest and best" offer.  Or just tell everyone you'll respond back at a certain time and that there are multiple offers and they should submit their best?

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