All Forum Posts by: Andres Rossini

Yes closing went very smooth! It seems that this may be an agent problem and not a buyer problem. We had no issues at any step of the way. It was great a great experience. 

Hope things turn out good with your sale 

@Jeff C. I received the BINSR yesterday, no repairs were requested, just like they said in the contract offer. Closing is tomorrow. Everything looks good for now. They came and did the inspection last week, along with the roof inspection. 

They told me to leave the house in broom swept condition or better. And I noticed their offer letter said to convey the fridge but not the washer and dryer so I sold those on the last day for some extra cash. On their final instruction to me, they told me to remove any washer and dryers... my guess is that as a landlord, they want the tenants to get their own Washer and Dryer, one less thing for the landlord to worry about.

I moved out 2 days ago, they are doing their final walkthrough today.

I will know tomorrow done once the deal is 100% complete.

But so far so good. Very easy and fast communication.

@Scott Bowman I am now under contract. My broker told she knows a bit about them and no issues. 
then I went to their website to see what houses the have for rent and they have one coming soon in my neighborhood. So I called the agent that sold that house to progress Residential and asked if there were issues. She said closing was smooth abs they didn’t ask for any repairs  

So they seem to check out. Looks like they have deep pockets and want to own everything in a few areas and then they can basically control the rental market in that area. 

Did you get a similar offer to mine? Over asking, no contingencies, no repairs, non refundable earnest deposit? I am waiting to close but it’s going well so far 

@Jennifer Lyles That's awesome to hear!!! I am just worried to get under contract and then they ask for something like a discount. But I really appreciate your feedback. In the past I had OfferPad come give me quote and it was a joke. They gave the offer and then wanted a $55k discount for repairs. 

@Joe S. I think your advice of clauses is the key to understanding this offer. I will ask my broker to review this offer with me tomorrow to make sure there is no funny business. 

@Michael King I know right!! I just listed the house on my MLS this morning as "Coming soon". Looking to do an open house this Saturday.

I had a lot of success selling my other 2 rentals with one open house each. I am loving this sellers market!

@Nick Robinson they want 10day due diligence and 25 day close. They say they will not ask for repairs after inspection and no appraisal. 
The proceeds will be used to develop a glamping site in the smoky mountains. We are relocating to that area this summer. Land already under contract. 

@Joe S. I can't seem to find anything too funky in the offer. They just put a few clauses about making sure this home can be rented out and that the HOA doesn't have any restrictions against that. And also kind of odd... it says that if they find out that the home is built with block they can cancel and get their earnest money back. Luckily this is an al wood house but they probably got burnt in the past and they just copy and paste their offers. Looks like they have a massive operation going on.

I just placed my home in the “coming soon” status. Progress Residential sent me an offer $25k over asking and buying as-is (I haven’t even posted pictures tires). Looks like a massive rental company. But sounds too good to be true. I can’t find much in google about them buying houses, but lots about being landlords.

Any advice?

@Joseph Piccola I think the $300 cash flow is hard to find these days. But those are still out there.

I have a couple rental condos in uptown that I bought a few years ago and they are performing very well and good appreciation over the last 5 years.

I am an agent and I self manage my properties along with a few manufactured homes I invested on.

Reach out if you have any other questions. Phoenix is a great market for Cali folks to invest in.