The closing of this property in west Lehi was an education I will have to benefit from in the future. The negotiations required contact with executive levels at two of the largest banks in the country (Wells Fargo and Chase).
We received offers in June, August and October but buyers were not taking on the offers due to confidence in their buying power, the lowering prices of neighboring properties (including better resale areas),and a custom/specific floor plan that they couldn't foresee as their own.
The second mortgage was a large one and they were unwilling to let go of so much money. However, after a great deal of effort and persuasion the first and second lowered the sale to a value comparable to about 70 cents on the dollar.
After final bank approval was given the buyer struggled to get financing due to competing refinances.
Needless to say, this was a nail-biter that we held our breath through to the end.
Thank you Adam and Kate for being great clients; I appreciate your conscientious and responsible attitude in helping me help you.
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