Saturday, June 05, 2010

Wrapping up 724 University

724 University closed last week.  If you're a regular reader of this blog, you'll remember the story of the 17 offers, and the first buyers going away after two days in escrow.  Or you can read about it below. 

Anyway, the 2nd buyers closed on the house at $570,000.  They had offered $580,500, which was the highest purchase price offer.  (The first buyers made a lower offer, but without any contingencies.) And the house was sold "as is."  However, during the course of inspections, it turned out that the main line to the sewer was broken at the street.  And the chimney was broken in three places.  Uh-oh.  Those are expensive items, and they're also health and safety concerns.  The seller decided to work out credits in order to avoid 1) losing great buyers and 2) liability.  Hence, the price reduction.  From there on, the escrow was smooth sailing, it closed right on time, and the house is now owned by two nice young music teachers and their little boy.

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