Negotiations

Greetings all and welcome to Real Estate Secrets where we talk about everything involved with flipping and renting properties. I’m you’re host Linda Harley and today’s topic is…negotiations.

The due diligence period on Rocky has ended, and these buyers seem super eager about getting the house.

The inspection report was sent to me this past Friday, and then the buyers sent along a laundry list of things that they wanted me to do.

After tracking down my contractor, we were able to narrow down the list to only the most essential items that needed to be done.

So I countered their list with the items that I was willing to do and what I wasn’t willing to do.

When I buy and rehab a house to flip, I always set a budget for what the buyer will want to have addressed, because this always happens.

My budget this time was $3,000. As long as we stayed in budget I didn’t mind fixing things as this money was set aside for this purpose. But only for a serious buyer mind you.

What I do take into consideration when going through a list of buyer request is, I look at the things that (1) my contractor had already promised me was taken care of, and (2) any infrastructure items for the house that makes the house work.

I do not do cosmetic changes for buyers. If they want the cosmetics changed of a house, then that is a personal preference that they will have to pay for. Although we can do the work, this goes out of scope of my personal responsibility.

We’ll be finishing up some electrical, hvac and plumbing requests that the buyers inspector found, addressing those pronto.

We finalized the contract, the earnest money has been received, and the work has commenced. We hope to finish up in a couple of days, but we’re still waiting on a few tradesmen to work us into their schedule as some of them are already booked.

Hoping to close on Rocky next week!

Then it is off to my next adventure, looking at properties and starting this process all over.

That’s all for today. If you found this info useful, drop a comment below.

Too da loo

Linda