First Rehab On The Market, Offer Received!

[Andy Bankston]

My first rehab is finally finished, and I received my first offer yesterday after 9 days on market. I'm countering the offer today and am hopeful we can get it under contract.

Thank you to everyone here on BP for your contributions to the forums. I have learned so much but I also have so much more to learn. This first project was certainly a learning experience, and I can't wait to get it behind me and move on to the next one.

You can see the photos and info for the project at my website listed in my sig below. Feel free to leave any comments or questions!

[J Scott]

Originally posted by Andy Bankston:

...and shortened the contingency periods for inspection and financing to 10 days.

Andy,

Here's a tip that might be helpful in the future (we do this on all houses we sell): Always offer the buyer an inspection period that ends on a Friday afternoon, but at least 7 days away. So, for example, if the contract were ratified today, they would have until next Friday (June 29) at 4pm for their inspection contingency.

This serves two purposes:

1. On their side, they always get at least 7 days, which should be enough for inspections;

2. On your side, your property is never off the market for more than 1 full weekend, which as a sell is very important.

In your situation, you have a contract that gives the buyer 10 days for inspections -- if they back out at the last minute, your property will be off the market both this weekend and next, which means that's one less weekend to market if your buyer backs out.

Not a huge deal, but something to keep in mind for the future. Also, 10 days financing contingency is really short -- congrats on that!