House #39: Final Analysis + MORE

Filed under: News, BuyingBy Diana Olick

REO is one of those terms that you hear a lot lately but can’t quite place. And for people of a certain age, it calls to mind a certain 1970s and ’80s rock band. Alas, that’s not the REO of which we speak. So what is an REO? CNBC explains.

What is an REO? REO stands for Real Estate Owned…

We closed on the sale of The Rent-Back House today…
Nothing more to add about the project that I haven’t already mentioned, so let’s jump into the stats and financial details:
Timelines
Here are the key timeline milestones:

Purchase Offer Date: 7/23/2012
Purchase Closing Date: 11/15/2012
Rehab Completion Date: 2/12/13
Sale Listing Date: 2/12/2013
First Sale Contract Date: 2/13/2013
Final Sale Contract Date: 2/13/2013
Sale Closing Date:3/15/2013

Financials
Here is the breakdown of financials for this project:

Final Statistics
Here are just some of the final statistics that I’ve been tracking for all my projects, and that summarize the success/failure of each project pretty well:

From Offer to Purchase Time: 115 Days

Rehab Time: 20 Days

Selling Days on Market: 1 Day

Selling Close Time: 30 Days

Total Hold Time (Close to Close): 120 Days

Total Profit: $36,436…

Redfin has come out with an interesting new metric for analyzing how fast moving real estate markets in the country. They have captured the flash sales, those homes that have gone to contract in under 24 hours after the initial listing, in major markets across the country.
As inventories tighten and buyers have returned to the market, we are seeing the days of people pouncing on homes the minute they are listed, very reminiscent of the early parts of the 2000′s…

Several weeks ago I wrote about why competition is a GREAT thing because it can have many positive influences on your business. While I’m generally a firm believer that competition from other real estate professionals brings out more positive actions in one’s business than bad, I want to discuss the negative side of this equation to tease out some red flags when facing fierce competition…

David Cross

The answer is obviously 1. If you get anything else, you did math wrong.
She’s my hero.

Zack Mirsberger

A guy jumps into a puddle…

Chris Kolmar

Random acts of awesome are always born of ball pits.
I pushed the Zebra from the top floor. It didn’t end well.
How the internet makes us all better…

Source: Wikipedia
NASCAR star Kurt Busch has dealt with more than his share of professional and personal splits over the past couple of years. He and motorsports powerhouse Penske Racing parted ways following a tumultuous, headline-grabbing 2011 season, leaving the 2004 Cup Series champion with the much smaller and less-funded Phoenix Racing team for 2012…