The House Overhaul When Others Wasted Their Time (Cash Offer)
In March, a realtor sent us a house that a family had inherited.
We had gained a reputation as a trustworthy source for purchasing homes with issues, which is why it landed in our hands.
Upon reviewing the deal, we found the price they were asking to be too high, and we didn't want to make a lowball offer or offend the seller. The property was listed at 180k the next day, and after about a week, we were asked if we had any offer to make.
I mentioned that our offer would be much lower, but I was hesitant to reveal the number, fearing that the seller might not be pleased. When making an offer, we consider the property's condition based on the information provided to us. We assumed everything we were told to be accurate.
Our offer included 5k down payment, no option period, and we agreed to cover all closing costs. Eventually, we managed to purchase the house for 110k. It was worth noting that this house had been moved multiple times before it came into our possession.
Several weekend warrior wholesalers tied the home up in contract for 90+ days.
Have you Inherited A Property? Get Started Now!
To close the deal, we incurred upfront costs of 8k. Once we took ownership of the house, we realized that we needed to enhance its curb appeal, clean the interior, fix a couple of window panes, replace the siding and skirting, and repair or replace the plumbing system.
Approximately 31k was spent on these renovations, and we put the house back on the market. Our intention was to sell it as is, without making any further repairs since we hadn't conducted a full inspection of the property.
After a month, we received an as-is offer of 175k. However, during the appraisal process, the underwriter for the lender required some minor repairs. It wasn't the appraiser but rather the lender for a conventional loan who demanded these fixes.
Due to the lender needing multiple extensions, the buyer eventually agreed to complete the repairs. Finally, after owning the house for four months, we closed the deal this week.
Throughout the transaction, my acquisition guy inspected the property once. We had a cleanup crew and contractors spend a week there, overseen by a project manager who dedicated two days to the project. Additionally, our team checked on the property for half a day during the listing process.
Our goal is to understand how to make the right purchase, analyze the most effective rehab strategy, and above all, understand our target audience to sell it successfully. The latter is probably the most crucial aspect.
Stay tuned for more exciting updates and success stories.
Unexpected Resource Right Here in Dallas Fort Worth
MLS #: 20343349
MLS #: 20436264
MLS #: 20400440
MLS #: 20401506
MLS #: 20416075
MLS #: 20436983
MLS #: 20435569
MLS #: 20435641
MLS #: 20436250
MLS #: 20430207
MLS #: 20435158Information is deemed reliable, but is not guaranteed accurate by the MLS or NTREIS. The information being provided is for the consumer's personal, non-commercial use, and may not be reproduced, redistributed or used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by brokerage firms other than Cities Real Estate are marked with the NTREIS IDX logo and information about them includes the name of the listing brokerage.NTREIS data last updated September 23, 2023.
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Why Hire Cities Real Estate
Whether buying or selling a home, it is our goal to make this important event a positive and enjoyable experience. We are committed to providing you with personal attention accompanied by courtesy, respect and professionalism.
David Pannell's Team is a top producing real estate team in the Fort Worth Texas. We have served thousands of clients and we are a trusted partner to many local and nonprofit organizations. Our mission is to educate our clients in the home buying and selling process. We focus on detailed systems and aggressive negotiating strategies to get our clients the best results every time.
Thinking about buying a home? You have found the best search engine to do just that. In addition, our team will get you priority access to all the best deals the moment they come on the market…. and in this competitive market you have to have that sort of access to nail down a great deal! If you are looking to sell your home we specialize in getting our clients maximum exposure and top dollar every time.
Our aggressive marketing systems are proven and will net you more money vs your traditional real estate marketing plan. Congratulations on finding a top performing team in the area that is focused on your success! Happy home buying and selling! David Pannell's Team
Rely On A Probate Estate Expert
Cities Real Estate agent David Pannell has been helping families with their real estate needs for over fifteen years. David is a former United States Marine and City of Arlington police officer. He is a realtor you can trust to help you find your treasure in Covered Bridge Canyon or sell your home as you begin the next chapter in life. Contact David today at (817) 797-9047.
Valentia Richardson sat at her kitchen table, surrounded by stacks of unopened mail and a growing sense of unease. It had been a tough year for her financially, and now she was facing yet another challenge—she was behind on her taxes on the ...
Read More
In Dallas Fort Worth, Alex found themselves trapped in a nightmarish probate process, burdened not only by the task of selling a decaying home but also by the unsettling emergence of four contentious family members. However, amidst the chaos and ...
Read More
When a resident or property owner in Texas passes away, their family often believes the traditional probate process is necessary. Fortunately, that’s not always the case. Under certain conditions, there are less expensive and more timely ...
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Read More