On the day after the open house, I never thought I would be negotiating and accepting an offer so soon. In the article Selling the Estate Rental Property: Listing the Estate Rental Property, I set the listing price to $225,000.00 and agreed to an open house scheduled for April 1, 2013. So, on April 2nd, I became anxious when the realtor called me at work. Then, I became elated when the realtor told me about three offers made at the open house. The realtor described the offers as follows:

1. The first offer was for $225,000.00 pending a home inspection. The realtor went on to explain that this couple will have difficulties obtaining a mortgage.
2. Next, the second offer was for $240,000.00 pending a home inspection. The realtor made it clear that this couple should easily obtain a mortgage.
3. The last offer was for $195,000.00 cash. The offer was from investors that agreed to waive the home inspection.

The third offer caught my interest and I told the realtor as much. In response, the realtor agreed with me since the house structure had some problems that a home inspection would reveal. However, I thought the price was too low. So, I wanted to discuss the offers with a few beneficiaries, including my sister. The realtor understood but told me that investors made the offer and need an answer by noon tomorrow. I told the realtor that I would call the next morning with a decision.

Continue reading →