JUST SOLD! Seller Finance Craftsman Fourplex
Published On: November 12, 2015 Posted by: Jeremy Peterson
I just closed on the sale of this interesting fourplex located at 2943 Porter Ave. in Ogden.
We listed this property in April for $174,900. The owner had some particular objectives he wanted to achieve and it necessitated us only selling the property via seller financing.
We received our first offer just days after listing the property. This initial offer was at $169,900 and we went under contract. Unfortunately, the property was in a state of flux as tenants were coming and going and work was being performed on the building. This was unsettling to the market. Several buyers engaged us as we went under contract several times. As time progressed, the building was being improved until we ultimately found a buyer that could accept the condition of the property at a price agreeable to the seller.
Rather than belabor the story on the many offers, here is a table of the offers we received and their result:
These table figures represent the buyers’ initial offers and the seller had his own objectives he needed to achieve. With each offer we received, we negotiated with the buyer. For the final buyer, who was an agent, we negotiated a sale price of $166,650, a downpayment of $11,650 (the buyer was given a credit for his commissions), a rate of 6.125%, and a monthly PI payment of $941.70. The term is for 30 years with no balloon.
Congratulations to my seller! If you are looking to sell your property and want to explore the benefits of seller financing, be sure to let me know.
