I just sold this listing at 2370 Madison Ave.
We listed this property at the end of April for $109,900. There was immediate interest in the market but it took about four weeks to receive an offer. In June, we received an offer for $105,000 with the buyer asking for 2% of the purchase price in closing cost concessions.
We counter offered the buyer at a price point of $107,000 and they quickly accepted. We placed the property under contract. Then began our long odyssey to closing. The appraisal went well, and the inspections went well. However, the underwriting for the buyer was severe. Apparently, the lenders were doing blood typing, genealogical research, and cavity searches on the buyer.
Our contract extended an additional 24 days in order to close. That was quite surprising but we were ultimately satisfied in the end when the transaction concluded. The best part was that were able to keep the tenants satisfied during the process so my client did not experience any vacancy or loss of rent due to the sale.
If you are considering selling your rental property, contact me, and lets discuss some options that will help you liquidate your investment with the least disruption to your tenants and cashflow.
