<p>Exciting Update!!!</p>
<p>Full price offer with $5k in closing costs back to buyer. It came in last night at 10:30pm. We are negotiating some small housekeeping items today. I’ve written a detailed disclosure document that I want buyer to review before we go into contract. Especially about the garage because buyer didn’t even ask about details. </p>
<p>More to follow, I’ll let you know as soon as we have signed contract</p>
<p>That’s fantastic! Isn’t the full price the price that you thought was too high, but that your realtor insisted you start at?</p>
<p>Fingers crossed, coralbrook! I’ve really enjoyed following this thread and your pictures. I hope you’ll take us along on your next adventure.</p>
<p>^5 coralbrook, hopefully everything else goes through without a hitch!</p>
<p>Awesome. Just awesome.</p>
<p>Eager to hear, when the dust settles, how much you made on this venture.</p>
<p>Way to go CB!</p>
<p>Nice Coralbrook.</p>
<p>Buyer has signed everything and we are in contract now. We’ll open escrow tomorrow and they asked for 35 days because it’s hard to get the banks to work hard on closing loans over the holidays. </p>
<p>Buyer is doing a VA loan which is a great loan product, 100% financing. We have one big hurdle in escrow - the appraisal. Agent and I are both very worried that the house will not appraise at the sale price because there are no recent comps in the historical district and outlying areas have been selling at lower prices. It will be difficult to get an accurate appraisal.</p>
<p>You may have noticed that I haven’t mentioned budget for awhile. I promise that I will get organized and lay out all the ugliness of how much this project went over budget. My only consolation is that, cross my fingers, it is going to sell for much higher than I thought it would.</p>
<p>I’ll keep posting garage repair pictures. Now I really have to get this garage done because we can’t get the appraiser on the property until this garage gets fixed!! No rest for the weary. We’ll be working all weekend. I have to go get a 4" x 12" by 18 ft long beam for the garage door header and that is going to be very difficult to transport in my pickup truck :)</p>
<p>And yes, the full price offer is at the price my agent recommended. I thought she was nuts. We’ll see if we can get it appraised at that price !</p>
<p>It is exciting times Coralbrook. :)</p>
<p>Yeah! This is so exciting! Hopefully the appraisal will go through without a glitch, and you will be able to show a profit more in line with your original thinking.</p>
<p>Great news coralbrook. Will keep my fingers crossed for you that the appraisal comes in where you need it to be. It has been a lot of fun reading about your project especially since I live in San Diego too.</p>
<p>Woot! Woot!</p>
<p>Congratulations.</p>
<p>Regarding the appraisal, you should not be too concerned. I think the appraiser will do its best to meet the price. If not, do you know if the buyer can pay some thing to make the difference? Lets say the appraisal came in short of 20K, can they pay that? It is always risky to accept a low down offer. That is why I took a cash offer 20K less in the previous transaction.</p>
<p>I am going through the current transaction with a buyer with financing requirements whereas the cash offer is 15k less. That is because the cash offer cannot verify funds.</p>
<p>Yes, hopefully the buyer can come up with the difference, if needed.</p>
<p>We cannot ask for proof of funds from the Buyer because they are getting a VA loan and don’t need to show proof of any down payment. My agent is in discussions with the buyer’s agent regarding the appraisal issue. I’m pretty sure that the buyer probably does not have a large cash amount to cover an appraisal shortage because the buyer has asked for the $5k credit for closing costs.</p>
<p>However, we received a cover letter from the buyer about the fact that she wants to buy the home because her mother lives one block away and she is taking care of her mother. Maybe Mom can come up with any cash needed :)</p>
<p>We cannot ask for proof of funds from the Buyer because they are getting a VA loan and don’t need to show proof of any down payment. My agent is in discussions with the buyer’s agent regarding the appraisal issue. I’m pretty sure that the buyer probably does not have a large cash amount to cover an appraisal shortage because the buyer has asked for the $5k credit for closing costs.</p>
<p>However, we received a cover letter from the buyer about the fact that she wants to buy the home because her mother lives one block away and she is taking care of her mother. Maybe Mom can come up with any cash needed :)</p>
<p>"However, we received a cover letter from the buyer about the fact that she wants to buy the home because her mother lives one block away and she is taking care of her mother. Maybe Mom can come up with any cash needed "</p>
<p>:)</p>
<p>This is a done deal. 
</p>
<p>When we bought our place, we wanted the location. We were willing to overpay for the place. (We didnt have to overpay). We did pay for the problems that came up. They werent insignificant. </p>
<p>We wanted the place.</p>
<p>Your buyer wants your place. :)</p>
<p>Not sure if there is a pre-approved loan commitment letter, even the VA can provide a loan without down pay, her income still needs to be verified to satisfy the loan requirements. I am sure you have checked that before you sign on the dotted line. With the best luck.</p>
<p>Yes, she provided pre approval from a specialist VA lender. Also, her buyer agent specializes in representing active military and Veterans, it specifically states on his card and his email signature. The mortgage lender is his contact.</p>
<p>My agent believes that this buyer really wants to live right here. She did not flinch one bit when we countered back with lowering the credit or some other issues. She was right about the price and waiting for just the right buyer for the house.</p>