Deal notes: The home was listed in July at $1.075M and quickly went under contract. The first deal failed, likely due to survey or inspection issues, and it was re-listed a couple of weeks later. This time around, it took about two weeks to go under contract. It eventually closed for a whopping 20.9% below list.
Take home lesson: Sellers take a big risk if they list their home with visible and obvious problems. Boundary issues can also take a big bite out of property's value. To maximize sale price, address problems proactively and don't wait for a buyer to discover them. If you're a buyer, this deal is an example of a diamond in the rough and being willing to engage in a tough negotiation. Even with the work needed, an acquisition price of $850K looks like a steal.

Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. For more information, click HERE.
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. House Einstein strongly recommends conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.