JUST SOLD! Victorian Restoration Project

I recently sold this fascinating Victorian home in Ogden.

Built in 1889, this is one of the oldest standing structures in the city.  I first sold this home to a client in 2007 during the peak of the market bubble fever.  At that time the property was being used as a triplex. About a year later, the home experienced a water main break and my client was looking for options to help rescue the property.  Fortunately, a buyer expressed interest and a willingness to fix the problem and purchase the property.  We structured a seller finance transaction and things moved forward.

Unfortunately, the new owner of the property made some serious mistakes in managing their investments.  In early 2014 they defaulted on their loan and after some lengthy attempts to work things out with buyer, the former owner proceeded with a foreclosure.  The total loan balance due exceeded the market value of the property.  Thus, the foreclosure auction at the courthouse steps was sparsely attended.

Here is the trustee placing the home up for auction at the courthouse steps.

During the foreclosure proceedings, the owners wanted to know what to do with the property. The property experienced a broken sewer line and serious water damage to the interior of the home prior to the default.

You can see the video tour here:

Fortunately, another buyer expressed interest in the home.  We placed the property under contract subject to the foreclosure being completed.  Once the foreclosure was done, we closed at a price of $109,900 with a seller financed contract.  

The future of this property is bright.  The new buyer will be consolidating the current triplex configuration of the home and making it into a beautiful Victorian homestead again. I look forward to sharing photos of the finished work when it is done.

If you are looking for a restoration project to make into your home, CONTACT ME, for a list of homes that are available.