JUST SOLD! Historic Two-Story Craftsman Home
Published On: November 5, 2015 Posted by: Jeremy Peterson
I just closed on the sale of this listing that came on the market less than two weeks ago. This particular home was owned by the same family since 1940. Over the last 75 years, the home has pretty much been left intact with the exception of some carpet installation and bathroom remodels done in the late 1970’s or early 1980’s. The water heater on this home had an installation date of 1979.
The property needed some significant TCL given the age of the systems. There had also been cats present in the home and they left their mark.
We listed the home for $85,000 knowing that the property would require approximately $30,000 in improvements to be brought back to functional and visual splendor. I immediately called a client who specializes in this kind of project and invited them to come look at the home. They were very interested. They also inquired if seller financing was available for this home.
In discussing the needs of the seller, we determined that seller financing would be a beneficial path since it would provide an interest income to their estate over the life of the financing. In this case, the buyer was willing to put 20% down on the home with a balloon payment due in 7 months. Payments were negotiated at $415 per month. The sellers agreed that this was a reasonable term. An offer was drawn up and accepted several days after the home was listed.
The buyers will be working to restore this home and bring out its historic qualities. Look for a beautiful home ready for new owners in the coming months. Congrats to our buyers and sellers!