GDoN Revisited by Hipchickindc

DSCN5316, originally uploaded by Prince of Petworth.

In real life, hipchickindc is licensed as a real estate broker in the District of Columbia and Virginia, and as a real estate salesperson in Maryland. Unless specifically noted, neither she nor the company that she is affiliated with represented any of the parties or were directly involved in the transaction reported below. Unless otherwise noted, the source of information is Metropolitan Regional Information Systems (MRIS), which is the local multiple listing system. Information is deemed reliable but not guaranteed.

Featured Property: 3516 10^th St NW

Original List Price: $699,900.

List Price at Contract: $489,900.

List Date: 7/25/2008

Days on Market: 187

Settled Sales Price: $465,000.

Settlement Date: 03/31/2009

Seller Subsidy: $10,000.

Bank Owned?: YES

Type Of Financing: Conventional

Listing History: There was no old listing to be found and no info in the public record so this had probably been last purchased some time ago.

Original GDoN Post is:Here.

Recent Listing: Here.

The Prince’s original title for this Good Deal or Not (GDoN) was “Another Fixer Upper Edition?” There were just too many other good titles, though. I seriously considered “Brave Buyer Edition”, or maybe “Only in DC Edition”, or maybe even “Why Real Estate Agents Don’t Make Enough for What They Do in DC Edition”.

Ben Puchalski with Keller Williams Capital Properties, the listing agent for this property, was kind enough to relate the whole gory tale of the transaction. For those who have absolutely no idea what I am talking about, this property was both a foreclosure AND was occupied by SIX tenants. Transactions involving tenants in DC can be extremely challenging due to extremely tenant-friendly laws and require many more steps than an owner-occupied or unoccupied property.

I make the point that the buyers were very brave indeed in that apparently, they are planning to live in the property but went to settlement with the tenants still there. If the tenants decided to not cooperate, as anyone knows who has tried to remove a non-paying tenant in DC, it would be many months of paying the mortgage but still not being able to live there. Hopefully, all will work out.

Sorry, I got so wrapped up in the tenant issues, I forgot whether this was a GDoN. Actually, for the location and size of the property (this house is huge), even though it will need work, I think the buyers did pretty well for themselves.