We Sold Our Latest Flip Property – What’s Next?

We Sold Our Latest Flip Property – What's Next?

Obviously the title of this post has spoiled the grand surprise, but we sold the Edgmon ranch!

Granted, I haven’t been the best at sharing updates, so it’s a surprise to literally no one that it’s taken me nearly a month to draft this update too. I keep telling myself “better late than never” – right? Right?!

Before I go any further, rest assured that I still have many, many things I want to share about this reno project – I’ll be sharing those posts as my schedule allows. Now that I finally bought a new laptop, I’m hoping updating the blog on a more regular basis will be much, much easier. (Crossing my fingers and toes.)

Today’s post answers two most-asked questions: 1) Why did it take several months to sell the property? and 2) What do we plan to do next?

I’ve always been quite transparent here on the blog – sometimes to a fault – and this post is no different. Oftentimes people tend to think that renovating houses is just fun – “You make it looks so easy!” – but fun is only a part of it. Hopefully today’s post – and our experiences in general – sheds some light on the reality of real estate.

In case you’re new here, let’s recap real quick.

Back in October of 2019 we bought a house at an auction, sight unseen.

Yes, we’re wild like that. Our house-buying decisions are far from conventional. Case in point: Do you remember the story of our bungalow?

Back to the Edgmon ranch, it checked off so much of our wish list that we were tempted to move in ourselves! By the way, take a tour of the “before” here.

The house was in a really good, sought-after location – a walkable neighborhood minutes away from grocery stores, freeway access, restaurants, my favorite thrift store and a huge community playground (The Imagination Station – for those that are local).

What’s more, it had a massive, level backyard with lots of fruit trees and the most beautiful Japanese cherry trees, as well as a beautifully landscaped front lawn with peonies, lilies, roses, lilac bushes, tulips, hydrangeas, crepe myrtles, wisteria – oh, the list goes on and on!

The house was all on one level – perfect for families with young ones, an older couple or really, anyone that dislikes walking up and down stairs a few hundred times a day (me!). Each room had ample natural light, thanks to oversize windows. There was also a double garage, a formal dining room, vaulted ceilings, a huge deck, hardwood flooring throughout, lots of storage space…ugh, the list of features just goes on and on!

If you want to catch up on the Edgmon Ranch posts I’ve shared, you can do so below:

Let’s not forget, though, that at the time of purchase, the house was unlawfully occupied. So, it wasn’t until mid-January of 2020 that we were able to step foot inside and begin the renovation process. We wrapped up the renovation towards the end of May. Honestly, we still can’t believe we were able to finish everything in under 5 months!

As soon as the house was listed, we received multiple offers right away – one of them even being above asking price!

That, ladies and gentlemen, is where the real estate rollercoaster began.

Side note: When people hear that a house is under contract, most are quick to congratulate, thinking it’s a done deal. We’ve always been wary of premature celebrations, but this time around we lived through personal experience of why it’s better to wait until everything is finalized. Real estate can be complicated, to say the least.

Back to the offers, of course we accepted the one above asking price. Can you imagine our excitement?! A mere four days after listing the property, we were under contract. But then time came for the bank’s appraisal, which threw us for a loop. The appraisal came in exactly at asking price, but because the buyers had offered above asking price and didn’t have the resources to cover the difference, the contract fell through.

On the very day the contract fell through, we once again received multiple offers. We accepted one – except this time around, the bank appraisal came in a whopping $15,000 under asking price. Once again, we were back to square 1.

A couple days later we accepted an open contract – meaning that the contract was contingent on the buyer selling their house during which time we were allowed to back out if another offer came in.

A couple days later, we received an offer every seller dreams of: a full-price cash offer. Talk about an answered prayer, since it completely eliminated the need to go through banks and dealing with appraisers’ varying opinions.

Even in hindsight I cannot fully grasp how bank appraisals can vary so greatly. On the one hand, I understand that it’s an individual person with individual tastes doing the estimating, but you’d think there’d be a more uniform process than that! Our experience, however, suggests otherwise.

So, what’s next for us?

From the time we listed the Edgmon property, we’ve been searching for our next opportunity. I’ve been sharing some of the houses we’ve toured over on Instagram, so if you’re into virtual home tours, come join the fun! Although I don’t have any official updates to share just yet, know that something very exciting is in the works!

We are considering several avenues. Best case scenario would be a short-term flip alongside a longer-term flip, where we could move into the latter and renovate as our schedule allowed. But with the current seller’s market, that’s proving a bit more challenging. We’re also open to real estate development – possibly a multi-family complex or maybe a small subdivision. Basically, we’re exploring every option that becomes available to see what makes the most financial sense for us.

As for the Edgmon property, I still have the following blog posts lined up on my content calendar:

  1. Master Bathroom Budget Breakdown + Sources
  2. Guest Bathroom Budget Breakdown + Sources
  3. Kitchen Reveal Tour
  4. Kitchen Budget Breakdown + Sources
  5. Small Kitchen Organization
  6. How to Style Kitchen Open Shelving
  7. A Full Before + After Tour
  8. Tips for Installing Penny Tile: Advice from a Perfectionist
  9. My Tips for Choosing Chandeliers
  10. Roundup: My Favorite Affordable Dining Room Chandeliers

Let me know which of these you’re most interested in reading about, and if there’s anything else you’d like me to cover!

Stay tuned for more exciting news hopefully very soon!

Posted in EDGMON RANCH, PERSONAL.

2 Comments

  1. What a ride! I haven’t even considered that appraisals could come back so wildly different! And then the whole awkward “we can’t explain that to the buyer” would be hard too! I’m excited to see what is next and right there with you on the posting consistency. It’s no easy feat with kids and basically having to accomplish anything else!

    • Right?! It was definitely quite the lesson for us, too. But as they say, you live and you learn! Everything ended up working out even better than we had hoped!

      I’m excited to follow along with and learn from your new build – even if you only get to blog about it every once in a while! :)

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