Regular City Council Meeting
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Resolution - Right-of-Way
: Consider a resolution authorizing the Mayor to execute a Family Residential Contract, by and between the City of Lubbock and WW Porter Investments, for the sale of real property at 1502 Vanham Avenue, Wilson, Texas.
On June 1, 2021, the City of Lubbock retained Westmark Realtors to provide services associated with the sale of City-owned real estate located at 1502 Vanham Avenue, Wilson, Texas. The property consists of a 2.465-acre tract of land and a 1,442 square foot house. On July 2, 2021, the realtor submitted the following offers received on the property:
Cash (without Proof of Funds)
WW Porter Investments
Cash (with Proof of Funds)
All four offers exceeded the appraised value of $55,000 for the property. Staff recommends acceptance of offer #3 in the amount of $58,000 in cash with proof of funds. Offer #3 does not have a buyer's agent, so the commission paid by the City will only be to the seller's agent.
Revenue of $58,000, less settlement cost to be paid from Account 100.7107, Sale of Other Land
Jesica McEachern, Assistant City Manager
Real Estate Sales Agreement
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