Those, my friends (my figurative friends as no one reads this blog yet as I haven't advertised it at all), are the greatest two words I've heard in a year.
That God forsaken house is finally UNDER CONTRACT!
I purchased the property in December of 2010 and put it up on the market for sale in June of 2011. And it sat there, month after month, until May 7th, 2012 when someone FINALLY made an offer. Of course, on Saturday, May 5th, I decided to put it up for rent and went through the hassle of paying for advertising and scheduling 5 different couples to come look at it. So I wish this buyer had come forward two days earlier! But I'm not going to complain because I can't WAIT to sell this house. I just hope the buyer doesn't fall through. What a bummer that would be. Maybe I shouldn't get my hopes up right away....
The purchase price was $26,000 (Loan is only $19,500) and I put approximately $20k into it (closing costs, down payment, improvements, carrying costs, etc.). The original list price was $69,000 in June of 2011, which would have yielded me a mega profit and I would have done a happy dance for hours. However, over the past year that price dropped, and dropped, and dropped until it reached $49,500.
So the profit I will make will not be significant, especially after taxes. But I will make SOMETHING so it's not a total waste. Not yet anyways... Still gotta hope that buyer's loan doesn't fall through.
June 29th is the closing date. Fingers crossed.
