Tuesday, May 3, 2011

JUST SOLD! Bargain Bank-Owned Bungalow

Yesterday I closed with a client on this investment-priced home on Jackson Ave. in Ogden.  In February, my optometrist of the past 12 years called me to refer his extended family from Wyoming who were moving to the Ogden area.  After meeting with the young couple, we began our search for a home.

One of the challenges we faced was our need to use FHA financing while finding an investment-grade home in the $55,000 price range.  After reviewing several properties we placed a higher-than-list-price offer on a different bank owned property with the caveat that the bank would make the repairs needed to allow that home to pass an FHA inspection.  The bank-seller of that different property declined which put us back at the drawing board.

We scoured the market.  The Jackson Ave. home you see above was excluded from the search initially because the roof would not pass an FHA inspection.  Ultimately, we changed out terms to cash to avoid dealing with the FHA bottleneck.   

The Jackson Ave. property was listed at $42,000 and had multiple offers including ours.  We increased our offer to $45,000.  The bank-seller countered our offer asking for our earnest money increase from $500 to $2,000.  We agreed and placed the home under contract.  After passing a home inspection we closed.

Congratulations to the buyers on purchasing such a great bargain and welcome to Ogden!

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