I recently listed and sold this property:
This home is located at 3506 Eccles Ave. in Ogden just about a block from Weber State University. The owner of the home recently reacquired it after it was returned when the previous owner defaulted on financing provided by the current owner.
The property came back needing some significant TLC. The home had previously been sold in 2009 for a price of $92,000. You can watch a video tour of the property below:
We listed the property at a price of $76,900 and the seller expressed the desire to sell the property at $75,000 while providing seller financing. I placed the home under contract shortly after it came on the market but the first buyer felt the repairs were beyond what he wanted to do. A couple weeks later, we placed the property under contract with a second buyer and this is the contract that we just concluded.
The seller provided financing with a $7,500 down payment. Investment properties right now require 20%-25% down with conventional financing even if they need repairs. So, seller financing has provided the seller a quick way to liquidate their home and an investor the opportunity to conserve funds while they spend capital on improvements.
Congratulations to my buyers and sellers on a successful win-win transaction!
If you are looking for investment property or want to discuss the nuances of seller financing when selling your property, CONTACT ME, and lets have that conversation.
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