Here’s a tip – Go for the deals that have just fallen out of escrow…!
Most of the Pending Sales that “fall out of escrow” are not because the Buyer failed to qualify. It’s because there was something wrong with the property and the Buyer decided to walk away after going through a thorough inspection process.
In most cases the Buyers that walked away decided the “fix up” costs were going to be much higher than their initial first impression.
In my opinion when you see a home that has fallen out of escrow more than once, that’s a good sign that there is a possibility of a deal there.
Check out the detail on some properties I profiled a while back.
If you are a regular visitor you might have seen these on the “Ed’s Hot Picks” page.
Originally Listed at $177,550, it has been in and out of escrow a couple of times now. While it’s currently listed at $169,900, I don’t think it was ever worth more than $160,000. I’ve got links to the “proforma” cash flow figures and Flip Cam Videos below here.
Here’s one that was posted on Ed’s Hot Picks back last November – I have “before and after” videos, because it’s back on the market now for $194,000. This is a “flip”. It closed escrow at $130,000 on 11-24-09, which was my suggested “offer price”.
I think they kind of “over improved” this one. I would have spent more in the landscaping front and rear and done a little less in the interior. However… even though they did a pretty nice job in the “fix up”, it has fallen out of escrow after getting an offer pretty quickly.
My Suggested Offer Price on this Duplex would be $180,000. I don’t know if they would take it, but this is about what it’s worth.
Let me what you think…!
In the mean time…?
Make it a Great Day..!
Ed Favinger, Broker, CRS, GRI, SFR email@example.com 916-203-1260 Mobile