The Worst Part of a Rehab…? Waiting on Settlement!

The Worst Part of a Rehab…? Waiting on Settlement!


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It’s Not Over Until She Sings – Waiting on Settlement

I think it should be common knowledge for any rehabber that a house isn’t completely renovated until inspections are completed and ownership is transferred. We have yet to have a project be 100% done prior to listing a property with our agents. It might be good as far as what work we had completed by our contractors, but there always seems to be finishing touches or minor repairs that need to get completed prior to closing. It is easy to overlook some things when so much work was completed.

We had one project that required over $12,000 in repairs after we thought we were done, but that was due to a buyer not getting financed and having to do more to make it ready for market. We know some investors that spend thousands in finishing touches, staging and small things like flowers so that the property looks great for pictures and showings. It isn’t very often that an inspection comes back perfect, if at all, so it is expected that something will have to be fixed and paid for prior to settlement. It is the last little rush before closing and moving on to the next project.

Our goal in our business is to celebrate all wins. Sometimes, they are small celebrations, but they are just as important as the large ones. With real estate being as illiquid as it is and with all of the challenges and adjustments that must be tackled for each property, we make it a point not to celebrate too early. Our most recent sale to date was a perfect example because closing was constantly being pushed back and our exit strategy was changing every other week due to circumstances forcing our actions. Even with it under contract to sell, we were still working on the place and cleaning it up just in case closing didn’t go through. It’s just the game we play…

So it should go without saying that we celebrate all of our wins, but not until she sings and we have a settlement statement in our hands. The celebration counts for everyone involved too, not just us. We also celebrate helping another person or family with an unwanted and/or problematic property. The more people we help, the more we are going to celebrate! And we plan on celebrating a lot in the future!

Contact Us!

We can be reached at (850) 710-0710 or by email at management@sonnysidepropertysolutions.com. Sonny Side Property Solutions is here to help everyone with their real estate needs, especially homeowners that need help now! We are here to serve the community and provide real estate solutions for any situation and we have a national network of investors and brokers that we work with and can call on at any time.

We can be reached by phone at (850) 710-0710 or by email at management@sonnysidepropertysolutions.com.

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