This home is located at 4454 S. 2300 W. While shopping for property, my clients and I viewed 6 homes that seemed to meet their criteria. Closer inspection revealed that all of them were unsatisfactory in condition or floorplan...except for this one.
The home was listed for $174,900. We placed an offer of $170K and asked for $5,000 in closing costs. The seller countered us at $175K while honoring our closing cost request. We accepted.
Unfortunately, we ran into an appraisal problem. He appraised the home at $173K which posed a dilemma for us. Since the appraisal was short, that meant my buyers needed to cough up $2k out of pocket to close the gap. Fortunately, their loan officer was able to work out a credit from their company to cover most of the shortfall and we made some contract adjustments so the sales price reflected the appraised value.
Once we cleared that hurdle we ran into some underwriting challenges. Those were cleared as well until a day before closing we discovered that this home is in a flood plain. Interestingly, because it is close to a park, it appeared in a flood zone despite the fact that it is surrounded by homes that have been previously exempted. The sellers of the home have been paying flood insurance for years while all their neighbors exempted themselves long ago. My buyers agreed to pay the flood insurance premium for now while they work on getting an exemption and a subsequent refund.
The challenges were worth the home. Congratulations to my buyers who have purchased a beautiful home at an excellent value!
If you are looking to move up to your next home, contact me and lets find a property that is just right for you.
No comments:
Post a Comment