I just closed with a buyer on this fantastic bargain. Located in Ogden, this home was a Freddie Mac foreclosure. It was originally listed in February of 2011 for $77,900. Over the last year, the price has slowly come down and in November the price dropped to $50,000. We entered a competitive bid situation and adjusted our offer to $56,000 financed with $2,000 earnest money. Several of the offers we were competing against were cash and very close to our price. Fortunately, our offer was selected as the winning bid.
The home is in excellent condition and will require some carpet in the basement and a good cleaning upstairs.
Once we placed the home under contract we experienced our December Wind Storm. Unfortunately, the roof on the garage suffered some unsightly damage.
We used this to renegotiate the purchase price down to $53,800. The seller also agreed to pay about $1,000 in my buyer's closing costs.
Congrats to my clients on a super bargain purchase. Repairs are estimated around $2,000 to make it rent ready. Rents are anticipated to be $750-800/mo.
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