JUST SOLD! Historic Trolley District Duplex
Published On: February 26, 2020 Posted by: Jeremy Peterson
We just closed on the sale of this quaint duplex located at 2072 Orchard Ave. in Ogden. The building was constructed in 1910 and had received a major renovation from the owner in the past year. We managed the property for the past year and the owner decided it was time to trade up to some different property.
We listed the property for $204,900 on New Year’s Eve. After numerous showings and some lowball cash offers, we received an offer of $199,900 while the buyers asked for $4,000 in closing cost concessions.
We countered at $201,000 and the buyer’s accepted. We than began to move forward with the due diligence period.
Our first hurdle was discovering that the building did not have a non-conforming use certificate with Ogden City. This was a major problem because it could mean the city could enforce the building being used as a single family home only. Obviously, that is not what the buyers wanted the property for. So, we dug into the history books to put the case together to prove to the city that this building had been a duplex since 1951. Our records indicated that it was prior to 1951 but there was a 20 year gap from 1975 to 1995 that we had to fill. We ended up chasing down the owner from 1983 (who was still alive miraculously!) and got a statement from them that they used the building as a duplex. That was sufficient to complete our application with the city and we received our non-conforming use certificate.
During the due diligence period it was also determined that the building had a bad sewer line and water heater. The buyer demanded that they both be replaced. However, the seller did not want to fork out the cash to repair if the buyer was unable to perform. So, we renegotiated some terms. In our agreement, the buyer agreed to put $7,000 down as earnest money that would become non-refundable after the appraisal. We also stipulated that the sewer and water heater repairs would be completed before closing but after the appraisal deadline. This way, if the buyer were to walk after the repairs were done, the seller would have the funds to pay for the repairs. All was agreed upon by the parties and we moved forward.
Amazingly, given the level of complication and possible things that could go wrong, the transaction went remarkably smoothly. The only real hiccup was some minor damange the plumbers did to some siding on the home while digging the sewer line. Extra siding was on hand so the repair was easy. The repairs did delay our closing by a week but in the end both buyers and sellers were happy.
If you are looking for an experienced agent to navigate you through the complexities of the real estate market, CONTACT ME, and let’s make sure your transaction is a smooth one.