I just closed today with some buyers on this quaint starter home in Ogden. My clients are also my existing tenants who over the past two years have been preparing themselves for home ownership.
This home was listed in May for $57,000. Given the price point, we thought that it might be a real fixer upper. To our surprise, the home was in quite good condition. Given such, I estimated that the home had been listed below fair market value. Nevertheless, we pressed our luck and offered $54,800 while asking the seller to pay for $3,500 in closing costs.
The listing agent called me and we determined there was not enough equity room for the seller to pay closing costs even at the list price. Knowing that we had some headroom on value, we agreed to the idea of increasing the sales price to $59,000. The seller agreed to pay up to $3,500 in closing costs and also participate in the Own In Ogden program. However, the seller would not agree to make any FHA or OIO required repairs. This was a bit of a risk for my buyers because of the age of the home but we felt it was the only way to make the transaction work.
After 75 days, and a long, precarious, and crazy journey, we finally closed. Congrats to the buyers on their first home!
Tenacity certainly pays off!
If you are looking to buy a home, contact me. Bargains abound.
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