The Search Continues…

Oh no!  After being under contract to purchase our first flip, we had to back out of the deal after the general inspection brought to light some serious issues!

I mentioned in a previous blog post that trying to buy a home in the winter is miserable.  With foreclosures, typically the heat and power are switched off, the driveway is covered with a foot of snow  and the overall condition of the home is questionable.  Aside from those physical unpleasantries, the snow in particular makes inspecting the exterior of a home problematic.  If I can’t see the driveway, roof or enter the garage, how will I know if they’re in need of repair?    I do rely on Google Maps satellite view to a certain extent, but even that is only somewhat helpful given that the photos may be a few years old.

To ease our minds, we hired a general inspector (as any homebuyer should) to get their take on any major issues with the home.  And wouldn’t you know, there were quite a few big ticket items!   The biggest of which was the $14,000 needed to build a brand new garage – something we didn’t get to inspect ourselves due to a large mound of snow blocking entry into the structure.  A slight oversight on our part, but alas that’s what inspectors are for.

Regardless of these issues, the home was still a great opportunity – but not at our initial offering price.  So, we went back with a meaningfully reduced offer, which they didn’t even consider.  The search continues!

We put in our sixth offer in the last three months on a beautiful two-family property earlier this week.  It’s a short sale, so it may take some time to close, but negotiations have been going well thus far.  It needs quite a bit of work, but we’re excited by the opportunity to restore the home to its former glory.

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