I just closed on the sale of this property in Ogden.
For the lengthy backstory on this property, I will refer you to FOR SALE: Fixer-Upper Mega Duplex Short Sale which I posted back in April 2014.
A lot has happened since we listed the property. Our original list price was $145,000. We received several offers and moved forward with a full price cash offer. Then the short sale negotiations began. It took 6 months for Wells Fargo to agree to the contract but they finally accepted. Then, the buyer decided on short notice that they weren't interested in the property anymore. But, rather than letting us switch to a backup offer, Wells Fargo decided that the short sale process must start over from scratch. We dropped the price to $125,000 to motivate the market. A new crop of offers arrived. We received a full price cash offer in November 2014 and the seller moved forward with that offer.
It took an additional 6 months to receive approval but the buyer was still interested in the property when the approval came. Three days later we closed.
We need to offer kudos to both the buyers and sellers for their patience through this longwinded process. The recent run up in market values has given banks pause when processing short sales. They are giving files extra scrutiny and that takes extra time.
In this property's case, the building needs about $30k - $40k in capital improvements. Yet, it will be worth about $190K when repaired. So, it is still a good value for the buyer and the seller was able to escape a crushing $250k loan they procured at the height of the market in 2007.
This property was a problem for the owner. If you have a problem property that you want out of your life, CONTACT ME, and we will show you how we can make your life a lot easier.
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