JUST SOLD: Historic Ogden Victorian Triplex
Published On: September 14, 2020 Posted by: Jeremy Peterson
We just closed on the sale of this historic triplex property located at 336 18th Street in Ogden. We listed the property in on August 5th for $264,900. Total rent income for the property before expenses was $1,720 per month. Immediately we received phone calls. Many were from out of state buyers in California who were taking real estate investment classes. Within 48 hours, three offers were received. The offers we received were:
- $264,900, conventional financing, no concessions
- $227,000, hard money/cash, no concessions
- $280,000, conventional financing, no concessions
We accepted the third offer and began the due diligence period for the buyer. The inspection turned up some problems. The roof on the back portion of the house was in rough shape and needed to be replaced. We agreed to cover $5,108 of the buyer’s closing costs to help cover the cost of roof repair.
Later we had some difficulty with the appraisal. The appraiser could not find sufficient comparable sales (there simply weren’t enough sales happening in the triplex market) to support our contract price. The appraisal came in at $275,000. We negotiated a $250 reduction in the closing costs concession and moved forward to closing. However, we were in for one last minute surprise as the underwriters for the loan wanted a copy of the legal non-conforming certificate and a structural engineer certified letter regarding the integrity of the foundation. After these surprises threw our closing schedule off by 10 days, we finally closed.
Congratulations to our sellers! If you are in the market to liquidate your income property, call me at 801-390-1480, and let’s discuss a gameplan to get you top market price.