All Forum Posts by: Brian Pulaski

This is very dependent on your state and contracts. In CT where I used to flip, the “offer” was the contract. Once signed you were under contract and anytime I did that I put down my earnest money.

Here in NY my offer is a binder and the seller send a contract after. I have waited minutes for a contract and weeks... I could have decided then to back out.

Some states have different deposits and timeframes.

 Paying a contractor? You will also most likely need an outlet in the wall, which depends where power has to come from could be more work. Are you also building the closet with the door to that as well? If I were doing this myself (which I would minus drywall) I would expect to knock it out under $750. If I was paying a contractor I have no idea what they would charge but I imagine $1500 or so?

Keep in mind, if bed/bath, SF and location are all the same, fancy finishes won’t drive a $325k house up to over $400k. Did your realtor send over $400k+ comparables, it was hard to figure that out from your post.

I have had low appraisals. Both times we met in the middle but closer to my number ($320k contract, $295k appraisal and we agreed to $310k), ($241.5k contract, $215k appraisal, agreed to $238k). Yours is obviously a much larger challenge, but both your agent and your buyers agent should be helping to fix this.

This is not a retailer. The price just happens to be higher and I imagine it’s an area specific thing. The stone I bought last year at $39/SF was $60/SF this year! 

I have sold some things before. You can make some good money if there is enough usable stuff. If you have a garage or place to store so it doesn’t affect the schedule of work, even better. 

My guess is they are wholesalers and the offers may not be as great as it sounds. It doesn’t hurt to entertain them, but I wouldn’t stop my schedule for it.

I will say this... I would replace it. Lots of flippers around me would leave it. I have seen much worse left on flips.

He hasn’t even reached his end date yet? Is it months worth of work, or small jobs to be done?

Do you have liquidated damages in your contract? If you don’t, what do you have there for schedule and what happens if/when it isn’t met?

You “can” sue. Unless there was a massive issue I would say express concern now and give him the chance before asking about suing a week before he is scheduled to finish.

This must be very area specific. I just got a quote for my tiny kitchen, $3300-3600. I do agree on always doing granite on flips. 

Yes... $25,000 to fix. I knew going in what it would cost, used that to leverage a better price when I bought the house, and made good money on it after I sold! Foundation issues are why no one else bought it.