<< AUGUST 14, 2021 >>
Remember when we talked about inspection contingencies? When an inspector comes through a property that is under contract, they are required to submit a comprehensive report to both the buyer and the seller about the state of the property.
We knew that the house would need some work, but the inspector pointed out some electrical issues that could be a bit costly to repair. Even though we were already planning on doing some electrical work, we were able to negotiate a $3,000 price reduction from our initial offer, which was already below their asking price. As a result, the property is turning out to be quite a good deal.
The next major milestone will be our settlement date, when we officially close on the house and ownership is transferred. Before that time, we will have our fantastic team of contractors begin to walk through the house to get a formal estimate of how much work will need to be taken care of before the house can be rented.