File #: 16-0674    Version: 1 Name: 806 Caledonia Street
Type: Resolution Status: Approved
File created: 7/8/2016 In control: Housing Rehabilitation Review Board - ABOLISHED 5.11.2017
On agenda: 7/12/2016 Final action: 7/12/2016
Title: 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.

Title

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.