JUST SOLD! Washington Terrace Estate Sale

I just sold this home for a client at 543 W. 5350 S. in Washington Terrace.

This 1440 SQFT 3 Bed 1 and 3/4 Bath home was held in a trust for the original occupant.  Her children were charged with liquidating the estate and asked me to market the property.

Our first challenge was finding tri-level homes in the area to compare the home to.  There were many sales but this particular floorplan was difficult to find in the database.  The condition of the home was also a mixture of old and new.  To test the market, we started our price at $119,900.  My clients were eager to move the property.  After a few showings and market feedback, we reduced our price a couple weeks later to $109,900 and then again to $100,900.  The rapid reduction in price helped stir interest and showings began in earnest.

About a week later we received an offer of $93,000 and we accepted.  Unfortunately, this buyer was woefully under-qualified.  Their loan approval was dependent on receiving an inheritance.  When it became apparent that the money wasn't coming, they cancelled the contract.

About 10 days later we received another offer at $93,000 but this time asking for about $3,000 in closing costs.  We accepted this one as well.  The buyer was using a Utah Housing loan to purchase the property.

Unlike the previous contract though, the appraiser for this loan was much more rigorous than the prior one.  We were issued a laundry list of repairs.  One of those repairs included plumbing.  I coordinated vendors to get the repairs done.  In a nightmare scenario, the city turned the water back on to the property after our repairs were made but did not watch the meter to make sure it wasn't running.  Our upstairs bathroom had the tub faucet left open and the stopper plugging the tub.  D'oh!  It took our handyman quite some time to clean up the mess. 

The appraiser also required a roof review.  Our roof inspector indicated the roof had 2 years of life left in it.  That wasn't good enough for the bank.  We were compelled to agree to escrow $4,290 for the buyer to repair the roof.  After a few more underwriting delays on the buyer's part, we closed.

Congratulations to my clients on liquidating their estate.  Because this home was older and had some deferred maintenance, this created some additional hurdles for us.  However, with a little patience and an experienced agent, we were able to jump over them.

If you are needing help with your family real estate, CONTACT ME, and lets discuss some options that will work for you.