another vote for leaving the bathrooms. Perk them up with some colorful flowers and designer towels!
Property #13
Well, lots of back and forth today. The Seller will not accept my offer because he is stuck on his proceeds from the sale. I don’t think the Seller is in a big hurry and he really doesn’t want to have to move out quickly. I believe it must be the Listing Agent that is in a big hurry because he keeps calling me trying to get creative to come up with what the Seller ‘needs’.
I know that he has no other offers right now and there were no showings over the weekend, so I’m going to hold tight for a couple of days. Meanwhile, my agent is going to try to get over there and go through the house and give me her view on whether we can get higher value out of the property.
Property #15
Agent has called several times today and told what every single other offer is that has been submitted for the house. I had expected a lot of investor competition, but they only have two investor cash offers. She is spending a lot of time trying to convince me that the house will be worth a lot of money fixed up, about $50k more than my agent.
Hey, the listing agent can always drop his commission to make up the difference, or at least a part of it. 
Sounds like sitting tight right now is the right move. I would trust YOUR agent WAY more than these salespeople.
How nice when you’re the one being pursued. Hold tight, though. I’m sure that one of these will come through.
I still think 13 will be your lucky number…but agree…keep looking. I think that seller is being very short sighted…and if he doesn’t get other offers, he will think eventually.
It’s not like he is selling a gorgeous home that doesn’t need any updating!
Is #15 the steep street? Lot looks level. The house is way less inspiring than the Brier one, I agree.
Property #15
Steep street house, flat lot off the street. Agent just called and told me that they received all cash full price offer this morning and it is being submitted to the bank for acceptance. However, they have an inspection contingency and they will probably come back and play the ‘credit’ game after making a long list of things wrong with the property. Sometimes this works with the banks and their final price will be something similar to the other cash offers that were submitted. It’s all a game. I’m out
Property #16
A house just came back on the market, buyers couldn’t get their loan. It’s a huge 3,700 sf house on Mt Helix that doesn’t really have anything terribly wrong with it, it just needs to be remodeled and updated. I went through it this morning and it need layout changes to take advantage of the eastern views and open up some walls. I am in discussions with the Listing Agent but she thinks the buyers are trying to get a new loan with more down payment. She’s not exactly sure whether the Seller wants to get a new Buyer. I have no idea why she marked it back to ‘Active’. I have an appointment to meet her out there tomorrow at 9am.
Well, fingers crossed for #13, then, but keep looking.
Property #14
Drove by this house in La Mesa Mt Helix area today. It’s down a private street, private lane off the street and gated. It is very private and wooded. I could not get through the gate (house is vacant) but I really liked what I could see. I’m going to keep following up with the agent to see if the buyer’s are responding to the Notice to Perform.
14 sounds like it has potential. Keep us posted!
Is that #14 or are we up to #16? Or is #14 one you’ve already mentioned?
14 is one I already mentioned earlier. I got creative and called a Listing Agent where the escrow had been pending for a year. There were issues with the sewer line that the Sellers had to correct. Everything fixed now but the Buyers are not performing. She has to issue a Notice to Perform and give them 3 days to close escrow (or release a contingency I think) before she proceeds with taking another offer.
In CA, using the CAR forms, you(the broker) may get into trouble by issuing the 3 days to perform and trying to sell it to another buyer without the first buyer’s consent. I can’t remember what are the issues, but my broker had explained to me. However, if PRDS forms are used, there is no problem doing that. CAR forms are the default, unless specified up front.
Correct. They will have to issue the Notice to Perform. After the 3 days elapse, they still technically have to wait for the Buyers to sign an escrow cancellation - but they have to sign the escrow cancellation in order to get their deposit back (if they have one in escrow). I’m hoping we are in a situation where the buyers no longer want to purchase the home.
Back to Property #13
Yesterday my agent had a chance to go through the property. She really loves it and thinks that we can get more than she originally estimated. However, big however, the public elementary school designated for the address is only a 6 out of 10. She thinks that might be a big issue because, obviously, our target market for this home is a large family. So, I have made an appointment with a foundation company to come out and give me an estimate for leveling the bad corner and fixing the cracked slab. If that estimate comes in lower than my personal estimate I might be able to raise my offer just a little bit. The irony is that the longer the Seller holds out on the market for his magic number, the longer he is making mortgage payments, insurance and property taxes. Soon his Net Proceeds will actually even out with my offer because his loan payoff keeps going down
Property #14 - the one behind gates with escrow pending over a year
Followed up with the listing agent yesterday and they are still fumbling around with their current buyers. She is going to contact me if there is any potential to put in an offer
Property #15 - the one where buyers couldn’t get loan
The agent marked this one back to Pending because the buyers (who she represents, so I am at a disadvantage… she wants the original escrow to go through) applied for a new loan and had an appraiser out yesterday. So, very slim chance that I am going to be able to make an offer on this in the near future.
Property #16
The agent that I worked with (not my agent) for the Bay Park house contacted me yesterday. Their office handles a lot of the local REO (bank foreclosed) homes. They have one coming up soon that is waiting to get cleaned up. I researched it and it might be a good flip in a first time homeowner area. I am going to look at this property today. She warned me that it was horrible with dead mice and stuff. Oh boy…
Property #17
A new listing just came up in a really nice area of La Mesa that is priced really well. I made an appointment to look at this house today
Fun, for those of us watching from afar.
Agree with VeryHappy. This is fun…watching someone else spend their time and money on these projects!
I am so looking forward to CB buying a property, and following the flip progress work!!
Yes, thanks for sharing your journey with us and reminding us why YOU are the one who makes the profit from this challenging business of flipping, not most of the rest of us. 