JUST SOLD! Syracuse Tri-Level Rental
Published On: January 4, 2017 Posted by: Jeremy Peterson
I just closed on the sale of this listing in Syracuse. Located at 2049 W 1175 S, this property served as an income property for its owner for the past several years. We took over management of the home in 2014 and had kept it occupied nearly the entire time. Recently, however, the owner expressed an interest in selling so we took steps to make that happen.
Our first issue with selling the property was that the tenants had a lease agreement through March of this year. If we sold the home, we would have had to sell it with the tenants in the property. That is a losing proposition most of the time since tenants don’t like to show their home to prospective buyers. Instead of fighting that battle, we decided to approach the tenants and offer a lease break to them if they wanted to move. They took the offer and vacated the last day of November.
We put the property on the market shortly thereafter for $219,900. The property was clean but there were some dated items in the home. Yet, the shortage of inventory in the neighborhood seemed to justify the list price. We immediately received three offers on the property. The winning bid came from a buyer looking to build a family estate which included real estate as income property. They offered $216,000 payable as cash.
After inspections, we reduced the price to $215,000 and closed shortly thereafter.
As if a ghost from the real estate market’s past, the motivating factor for my client was a strange 2nd mortgage that existed on the property from 2007. During the mortgage market meltdown, the mortgage company for the 2nd mortgage went out of business. The loan was sold and then lost for nearly a decade. During that time, my seller had no where to make a monthly payment. Recently, an unwitting mortgage servicer acquired the loan and made contact with the owner. Their lien still existed on the property but he was able to work out a reasonable agreement to get the 2nd mortgage taken care of while foregoing much of the past interest and late payments that he couldn’t make. That plan involved liquidating the property, and that worked out nearly perfectly.
Congrats to our seller!
If you are looking to sell your property, CONTACT ME, and lets put a plan together that works for you.
