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Action on offer to purchase 806 Caledonia Street
The City received an offer to purchase 806 Caledonia Street in the amount of $160,000 and the City to provide a 2nd Mortgage.
City countered the offer for full asking price of $168,300 and increased the 2nd mortgage to $33,000,
Purchaser submitted a 2nd counter in the amount of $164,000, 2nd mortgage of $29,000.
The purchaser is a family of 9 and is concerned about the impact the debt will make on their ability to provide for their children. The asking price is the assessed value of the home. A market analysis performed and estimated the home at $165,900 (this is based off comparable sales in the neighborhood). The home has been listed since June 22, 2016.
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