It would make sense that the repairs will be at least requested before making a deal to buy the house. Even if they are looking for a place to remodel and completely redo, people will want a furnace that works. You should look into what it might cost to repair or replace it.
If you bought your rentals within the past 4 years there is definitely equity in your investment properties. The market is really strong and will probably continue to remain strong but there is never a guarantee. Investment properties are great to have if you are getting a good return after you pay all your expenses and your tenants are great. On the other hand rentals can be tough when your tenants don't maintain your property in good condition or are not responsible.I would suggest you look into selling 1-2 rentals at a time while you keep the ones with the best tenants longer, your equity will also have to be considered. Either way I think you are in a great situation with your investment properties really just depends on what your real estate goals are. Let me know if you have any questions at all.
Danny Ceja, Realtor
Flora Real Estate Group
(408) 579-9575 cell
(831) 222-3617 office
CalBRE 01873812... more
It's impossible to predict the future, but it is definitely a great time to sell a home right now. In my area homes are getting multiple offers within a couple days being on the market, often times selling for above asking price.... more
Your best solution is to list with a real estate professional as you will receive wide market exposure through the multiple listing service and increase your chances of not only selling but also selling faster than as a for sale by owner.... more
Honestly, it probably just means the seller has accepted an offer and now it's going to the bank for review and possible approval of the short sale. There doesn't seem to be any consistent use of the pending statuses PR or PS for short sales.
FYI, per MLS rules "pending release" means the accepted offer is contingent on the sale of the buyer's current property. "Pending show" means the buyer's investigation, appraisal and loan contingencies have not been removed. An offer with "PR" status could be bumped by another buyer if the existing buyer cannot remove the contingency for the sale of their property within 3 days. An offer with "PS" can't be bumped by another buyer.
The pipe bursting should not burst your escrow too. As long as you are comfortable with the insurance company's method of correcting the leak and all that it entails, I don't see how it could affect your escrow closing. It's not like you aren't going to purchase the home now that this issue occurred. Transfer of title in your case is not an arms length transaction or considered a standard sale by a seller to a buyer. As long as nothing affects your title interest in a derogatory manner, you are good to go.
Diane Wheatley, Broker