In this episode, Brian and John conclude the 3-Part Series of Flipping a House. The finale is none other than the ultimate goal — selling the property! From cleaning up after rehab to getting offers and receiving appraisals, Brian and John walk us through every step it takes to close a deal.
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This Episode is Sponsored by
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Covered Topics:
- Selling the property
- Listing
- Issues when selling over a loan
- Getting multiple or no offers
- Buyer’s inspection
- Property appraisal
- The role of title companies
Show Notes:
00:25 – Brian’s shares and update about the projects this week
- This week’s deals
- Dealing with FHA loans and appraisers
04:46 – Part 3 of 3: Sale of a House
- Brian is a licensed realtor who takes the process seriously
05:33 – The first thing to do after a rehab: Cleaning
- Hiring a professional cleaner
- “Contractor Clean”
07:54 – Selecting photos from photographers
08:11 – Listing the ad online and in the MLS
08:47 – The struggle in listing properties
- Dealing with showings
- To get or not to get a showing service
10:48 – Be intentional in selling
11:34 – Issues when selling a house in an FHA loan
- The 90-Day Rule
- Paying some of buyer’s closing costs
12:54 – Getting offers
- Cash vs Loan (conventional, FHA, VA, etc)
- Multiple Offers: Check on 2-5 offers
- How escalation clauses work
- How appraisals affect sales
19:13 – Multiple Offers VS NO Offers
- You can keep lowering the price
- Stage the property and bump the price back up
- Rehab and sell at retail
- Rehab, put a tenant and sell at turn key
22:11 – The Buyer’s Inspection
- The challenge of not having any control over a buyer’s inspection
23:59 – Earnest Money and Possible Backing Out
- Try to save the sale by addressing issues
26:42 – The Bank’s Appraisal
- Appraisals can break a sale
27:51 – The huge part of the title company
Topic Takeaways
- Selling a house is NOT an easy process; you need to do your due diligence.
- Be intentional in selling your property, never just wait for it to be sold.
- There are many factors why a possible sale can break so it’s your duty to save a possible sale as a seller.
Tweetable Quotes
“Listing and selling the property is one of the fun aspects of flipping houses.” (Tweet This!)
“Always follow up with people.” (Tweet This!)
“Sometimes we get multiple offers, sometimes you don’t get any offers.” (Tweet This!)
