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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- Selling the property
- Issues when selling over a loan
- Getting multiple or no offers
- Buyer’s inspection
- Property appraisal
- The role of title companies
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
- 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.