Hipchickindc is a licensed real estate broker. She is the President of 10 Square Real Estate. 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: 3725 18th St NE
Legal Subdivision: Michigan Park
Advertised Subdivision per Listing: Michigan Park
Bedrooms: 3 Baths: 1 Basement: Yes, Unfinished Parking: Driveway & Garage
Ownership: Fee Simple
Original List Price for this listing: $325,000
List Price at Contract: $325,000
List Date: 07/4/15
Days on Market: 6
Settled Sales Price: $355,987.
Seller Subsidy: $0
Settlement Date: 10/23/15
Transaction type: Potential Short Sale
Original GDoN post is: here.
The original listing can be seen here: here.
Located in Michigan Park, Brookland’s close neighbor to the east, this listing offered the double whammy of calling attention to both a potential short sale and ownership by an estate. The challenge with either of these scenarios is that they involve other parties besides a buyer and a seller coming to an agreement, which complicates and adds time to the process.
In the case of a short sale, this means that the current owner has more expenses attached to the property than the sale may bring. The tag in MRIS is “potential short sale”, because it is not unusual in this market for what is expected to be a short sale to increase in price with multiple offers. An escalated contract price can, in some cases, eliminate the need for interaction with the seller’s lender by bringing the proceeds above the amount that is short.
Mention of an estate suggests that an owner has passed away and that the disposition of the property is the responsibility of other people. There is generally a named personal representative, and the process can go smoothly or not, particularly depending on the number of family members involved in coming to agreement and how well they get along.
With prices increasing rapidly all over the city and particularly in neighborhoods like this that are still ripe for development, it is not surprising that the final purchase price escalated over $30,000. above the list price.
Kudos to the listing agent, Vida Anderson with Coldwell Banker Residential Brokerage, for getting this possibly complex deal to settlement in less than four months. Shemaya Klar with Berkshire Hathaway HomeServices PenFed Realty represented the buyer.