What is the problem?

[Kim Lutes]

I am trying to sell my first flip and am having a heck of a time. I have had three contracts fall through and don't know what the problem is. Just bad luck or something I am doing wrong? Here are the details:

Contract One: House sold within a week at $167,000. Asking $172,500. They were first time homebuyers coming from an apartment. The inspection found some minor problems which were also fixable. One of the minor notes said there was a small bit of possible mold in the crawlspace. They bailed because of this. I fixed all the minor items and had someone look at crawl space - no mold.

Contract Two: On the market a week and a half. Also a FTHB. Inspection and everything all went well. Three days before closing found out her loan would not be approved due to not being able to verify income.
Sold price was $167,500.

Contract Three: Sold within two weeks at $167,000. Inspection and appraisal went well. This time I got a nonrefundable security deposit of $1,500. No major or
Minor items in the inspection. This inspector said the roof will last another 3-5 years. Now they want a new roof or they will walk away.

Thanks for your comments and insights!

_Kim
Real Estate Solutions of Harrisburg, Inc.
[email protected]