I flipped a 3/1 slab 1104 sq ft in St. Louis, MO and priced it at $125,000. Put in 42'' shaker espresso cabinets, granite countertops, stainless steel appliances, new tile, painted the garage floor, painted the exterior of the house, painted interior, added a walk-in pantry, finished the attic space to give it a 3rd bedroom/bonus room, new tile in the bathroom, new vanity, and tons of landscaping. Bought for $47,500 and put in $28,000 for a total of approx $76k.
Initially priced it too high at $139,900 and after 3 weeks dropped to $125k (should of started out lower than i did). Got a offer of $115k with a FHA loan and accepted but his financing fell thru. Then it goes back on the market and got an offer of $121,000 and a number of repairs (only 30% of them necessary imo). I accept b/c that represented a $40k profit and I already had my eye on another project.
I spend the next week and $1500 making repairs. Three weeks later I get a call that the buyers need to extend close 2 weeks b/c the IRS didn't receive the tax transcripts (huh?). I agree again to their request and set a closing for 6/30//14. That represented 7 weeks! Today we had the final walk through and discovered that the laminate flooring in the living room and hallway had buckled! Not having the AC on and the St. Louis summer humidity make them expand and literally ruined them. This morning I called the agent to tell her about the issue. I also told her I would gladly pay for carpet out of my pocket to replace the ruined flooring. NOTE TO SELF: NEVER USE LAMINATE FLOORING AGAIN. When they show up the buyers freak out and their agent freaks out. HELLO I told you what was going on. Then the buyer complains that I didn't fix the window screens. They DIDNT ask for the screens to be repaired! They complained the house was dirty and I will admit it wasn't perfect but since when is that a reason to back out of a deal? They complained the AC freon line wasn't replaced... uh yes it was... i did it myself. They complained that the windows with broken seals weren't replaced... again, yes they were. Then they complained the switch to the living room was in the adjacent room. That was like that when you put in a offer. Are you joking? Is this where Ashton jumps out and tells me I am getting punk'd?
To try and save the deal I offered to put in brand new wood floors at my expense. They left and 15 minutes later I got a DocUSign for a mutual release email on my phone.
At this point I don't know whether to put it back on the market so i can wait for another buyer and go thru the 4-5 week closing hell or to refinance / rent. I hope this real estate hell pays off down the road. Can someone put me out of my misery? If I put in wood floors should I increase my asking price or should I just put in carpet?
