Rehab #12, Salem – 1st Contract

As I mentioned, we listed Rehab #12, Salem last Thursday but decided to hold off on showings until the open house on Sunday.  Our intent was to build buyer interest and get the competitive juices [and offers] flowing by having everyone visit at once.  The plan could have backfired if we didn’t have enough buyers show up, or the property wasn’t priced properly.  But we decided to move forward with this approach due to the current market in Salem.  There is low inventory (2.5 months) and many buyers, making it a seller’s market.

Luckily, we priced it competitively and we had about 25-30 buyers walk through on Sunday.  We received a great offer on Tuesday and after a counteroffer, we are now under contract.  I can’t provide specifics until we close but the buyers have great terms and are looking to get into the property at the beginning of March.

The buyers already had their inspection today and they found some termite damage and had a few minor repairs that we’ll need to take care of.  I wasn’t at the inspection, but my agent said that the damage wasn’t too big a deal and the buyers still want to move forward.  We’ll have someone come out next week to treat the house and make any repairs that are needed.  If all goes well, the next time that I mention Rehab #12 will be the final analysis post.


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  • Shaun Reilly

    Congrats on getting a good contract out of the gate.
    Hope it all goes smooth and we see a nice post mortem blog in a month.