Update on my properties

May 11th, 2007 by Kenric

SFH#1 is officially under contract. I know I said it was on Monday but we finally got confirmation that the earnest money has been received at title. Whenever I sell a property I go through a checklist in my mind. These mini milestones, each which brings the probability of a successful sale higher, is how I gauge the confidence level of the transaction.

Contract is signed
Earnest money received
Inspection period complete
Loan documents created
Buying signing

So we are on step #3. The inspection period ends in 6 days. I don’t think there will be any problems since the house was built in 2005.

In Salt Lake City, the real estate market is doing well. I believe there were 5 similar townhomes like mine for sale about 2 weeks ago. 3 have went under contract, leaving only my 2 townhomes being active for the whole subdivision.

The reason mine are left are because mine are priced the highest and mine also have tenants. My realtor has told me that 90% of the people viewing the property are looking for owner occupied. This shouldn’t be a problem for me since both my tenants are on month to month. However, it has been filtering out the buyers who want to move in within 3 weeks. I need to give my tenants 30 day notice to vacate once a contract has been signed.

The new power meter for the Tucson fixer upper #1 has been installed. I have to call for a city inspection on Monday and hopefully get TEP to turn on power shortly after. I stopped counting the days, but I believe that it’s around day 90 right now.

Posted in Real Estate, Tucson fixer 1 |
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