We have had quite a bit of interest lately in the duplex here in provo. We are getting a call a day and about three people a weekend walking through on average. The last three weekends we have had offers, and we negotiated on the last one and got it signed and done. It is scheduled to close the last half of September. You can never be sure until there is a check in hand, so we'll see.
Amy's grandmother has decided to sell her house so we have begun the process to buy it. She is willing to discount the house 6 percent since she can avoid Realtor fees. I am a little nervous about it because it doesn't meet two of my three criteria but we'll see. I always say "don't buy a house unless it (1) has an unfinished basement or an unrented basement apartment, (2) needs some superficial work i.e. paint, carpet, mowed lawn, and (3) is at least 10 percent below market value. Grandma's house needs a little work but it is very minimal, and the basement is already finished. So the only real qualifier is that the sales price is discounted to roughly 10 percent. It is in a great location and should be easy to advertise. Plus, we won't need to move in since we will be renting our Provo house back from the buyers until at least April.
I continue to call the people that are in the Hobble Creek house and find out if they are able to close by December 1st or not, and I am starting to think that I will be reselling that house. They are still hopeful and say they will be able to close but haven't even started the process and credit and income could be a real obstacle, not to mention the new payment. I really don't care either way. It would be nice to just be done with it by December and get a check for the equity and not have the loans in our name any more or any hassle. On the other hand, the house has appreciated quite a bit and I wouldn't mind making an extra fifty thousand on it either.
It could be a very good year or a very stressful year or both. We'll see!
Amy's grandmother has decided to sell her house so we have begun the process to buy it. She is willing to discount the house 6 percent since she can avoid Realtor fees. I am a little nervous about it because it doesn't meet two of my three criteria but we'll see. I always say "don't buy a house unless it (1) has an unfinished basement or an unrented basement apartment, (2) needs some superficial work i.e. paint, carpet, mowed lawn, and (3) is at least 10 percent below market value. Grandma's house needs a little work but it is very minimal, and the basement is already finished. So the only real qualifier is that the sales price is discounted to roughly 10 percent. It is in a great location and should be easy to advertise. Plus, we won't need to move in since we will be renting our Provo house back from the buyers until at least April.I continue to call the people that are in the Hobble Creek house and find out if they are able to close by December 1st or not, and I am starting to think that I will be reselling that house. They are still hopeful and say they will be able to close but haven't even started the process and credit and income could be a real obstacle, not to mention the new payment. I really don't care either way. It would be nice to just be done with it by December and get a check for the equity and not have the loans in our name any more or any hassle. On the other hand, the house has appreciated quite a bit and I wouldn't mind making an extra fifty thousand on it either.
It could be a very good year or a very stressful year or both. We'll see!
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