We just closed on this condo which I had listed for a client. This concludes the liquidation of my client's inventory of condos in the Sunbrook complex in North Ogden. Back in 2010 my client hired me to dispose of her portfolio of 6 units in the community. Our first transaction was a sale to a young married couple of one of the ground level units. Later, we put a package transaction together for 4 units which sold to an area investor. Finally, we sold this unit to a young married couple.
After letting our listing rest for a while, we relisted the it for $89,900 in April. At the end of May we reduced the price to $86,900. The first week of July we recieved an offer for $79,900 and asking for $3,150 in closing costs while all being subject to the sale of the buyer's home. We countered at $83,000. The buyers accepted.
We waited a while for the buyers to sell there home. When they did, we agreed to allow them to rent the condo while we were still under contract. Sometimes this can be an awkward arrangement but it worked out well in this instance. I wrote up a lease agreement for the buyers to sign and they began paying $700/mo. rent while we plodding through the purchase process.
However, we hit a significant bump when the appraisal came back. The appraiser indicated that value was $81,000. That was $2,000 less than our agreement and was a deal breaker for my client. We informed the buyers that they had a couple options: A) Continue to rent the property but the rents would need to be increased $25 or B) They could find the $2,000 to bridge our gap and conclude the purchase of the property.
The buyers decided it was in their best interest to bridge the gap and we concluded the transaction at $83,000 without further incident.
If you are thinking of liquidating your investment portfolio or selling your condominium, CONTACT ME, and I can show you what your property is worth.
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