JUST SOLD! Ogden Fourplex Investment Property
Published On: September 5, 2018 Posted by: Jeremy Peterson
We just closed on the sale of this income property located in Ogden’s historic Trolley District neighborhood. We listed this fourplex property in mid-July for $249,900. Shortly thereafter, we received a couple offers. The first offer was using conventional financing. The second was a full price cash offer. We opted for the second offer.
As we got into the due diligence period, it became apparent that the buyer was not using his own cash but was hoping to get a hard money loan to close the transaction. Knowing that we priced the property at it’s highest possible market value, I was certain that a hard money lender would refuse the fund the transaction since the property was not under contract below its true market value. Sure enough, the hard money lender balked. The buyer tried to plead his case by asking us to reduce the contract price by $100,000. We rejected his proposal.
At that point we engaged the other offer that had come to us at the list price. The buyer was a Salt Lake area agent who was expanding his portfolio. Once we engaged in the contract with him, the process went smoothly and was uneventful. We closed on a contract price of $250,000.
Congratulations to our seller! If you are looking to sell your rental property, CONTACT ME, and let’s make sure you get top market value for your investment.