Hipchickindc is a licensed real estate broker. She is the founder of 10 Square Team and is affiliated with Keller Williams Capital Properties. 10 Square Team is a popville.com advertiser. 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: 1523 1st St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Old City #2
Bedrooms: 3 Baths: 2 Parking: Street
Living Area Square Footage Per Tax Record: 2405
Original List Price: $515,000.
List Price at Contract: $515,000.
Days on Market: 9
Settled Sales Price: $515,000.
Seller Subsidy: $0.
Settlement Date: 08/30/2013
Bank Owned?: No Short Sale? No Estate: Yes
Original GDoN post is: here.
The listing can be seen: here. To see pics, open the link above and click on the camera icon to scroll through pics.
This sale did not go over list price, as some commenters on the original Good Deal or Not (GDoN) expected, but it was a cash sale. Sometimes a seller of a property will find it preferable to go for a lesser amount of cash than if there had been a loan involved, even for a more competitive bid, because there are way fewer moving parts to get the deal done (no appraiser, no underwriting, etc.). This is especially the case when there’s quite a bit of work needed. This was an estate sale, which is nearly always an AS IS sale, with the seller not making any repairs (lender required or buyer requested).
Financing a property in distressed condition is still possible, but often not with a regular conventional, FHA, or a VA loan. The most typical loan product for owner occupying buyers who wish to renovate is the FHA 203K. With this type of loan the buyer must identify a contractor that meets the requirements of the lender (licensed in the jurisdiction where the work is being done, beaucoup insurance and reserves), and come up with a solid line by line plan for the renovation with the assistance of a HUD consultant. The appraiser addresses value in relation to what is being done to improve the property, which is what the loan ratio (percentage of loan to value and subsequent down payment percentage) is based on.
The listing agent was David Carl of Columbia Company Ventures, LLC. Larry Hodgson of Coldwell Banker Residential Brokerage represented the buyer.