Every real estate investor knows that closing days are very special….. whether you are selling a finished rehab, or closing on that great deal you just spent the last few weeks negotiating. It’s the culmination of all your hard work, endless phone calls, restless nights, and dealing with attorneys, lenders, buyers, sellers and agents….. and hopefully they result in nice paydays.
On that note, we sold our short sale rehab on Arnold Ave today. We put together a short little case study video on the deal…….
This property was a rehabbers dream …. a cosmetic renovation that we were able to purchase at a big discount, rehab quickly, and sell the first day on the market!
Woohoo! Congrats on a sweet payday!
Fantastic! The place looks awesome!
With the short sale, what was the biggest negotiating point with the bank that allowed them to take such a low offer? Did you guys do the negotiating, or did you bring in a 3rd party negotiator?
Hope you don’t mind the questions….just love to learn from others. Thanks in advance!
Hi Ingrid,
The biggest thing with this property is that the BPO came in low because I was able to find comps in the area to justify our offer price. Also I think we were approaching the end of the calander year for the bank and they wanted it off their books. They knew our offer was low and only gave us 10 days to close the deal!
I did the negotiating on this property, but we usually do use a third party negotiator.
Thanks for the questions….
Matt