JUST SOLD! Sullivan Hollow Duplex
Published On: December 19, 2019 Posted by: Jeremy Peterson
We just closed on the sale of this duplex located at 902 Sullivan Rd. in Ogden. The building is 2,100 SQFT configured in an up and down format. The building was listed for $275,000 in early September and went in and out of contract twice before my clients showed an interest in the property. When we viewed the property it had just come out of contract with another buyer and the agent had to schedule a time with the tenants for multiple agents to show it on the same day.
While the photos looked great on the MLS, the actual showing revealed some weaknesses. We submitted an offer of $265,000 and asked for $6,625 in closing costs. Our offer was countered by the seller at full price while only offering $5,000 in closing costs.
We decided to move on. Another more attractive duplex came on the market in another part of town that caught our attention. We viewed that property and submitted an offer along with three other buyers. We lost in that bidding war. Having been educated by the market’s stubbornness, we decided to take a second look at this duplex on Sullivan Rd. We submitted another offer.
This time, we submitted an offer of $275,000 while requesting $6,875 in closing costs concessions. The buyer countered at $277,165. We accepted.
Our inspection report revealed a laundry list of deferred maintenance items at the property. One major surprise was the present of termites in a moist part of the basement laundry room. We sent an addendum reducing the sales price to $271,000 and requiring the seller to mitigate the termites. After some earnest back and forth between the listing agent and myself, we came to an agreement of $272,625 with the seller mitigating the termites.
The termite issue was handled and the appraisal came back above the contracted sales price. The closing went as smooth as possible. Happily, our clients were enjoying a cruise on closing day while a trusted power of attorney handled the closing for them. The seller was also out of town on vacation as well as the listing agent and even our escrow officer. So, we gladly managed most of the details while the other parties took some time off.
Congratulations to our buyers! If you are thinking of buying an income property to either live in or use purely as an investment, CONTACT ME, and let’s find the right property for you!
