In real life, hipchickindc is licensed as a real estate broker in the District of Columbia, 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 Properties: 1344 Taylor St NW
Original List Price: $675,000.
List Price at Contract: $499,000.
List Date: 10/19/2009
Days on Market: 134
Settled Sales Price: $517,500.
Settlement Date: 03/25/2010
Seller Subsidy: $12,500.
Bank Owned?: No, but is listed as a short sale
Type Of Financing: FHA
Original GDoN Post is: here.
Listing is: here.
I’ve had a few requests to do a Good Deal or Not Revisited (GDoN-R) on 3600 13th St NW, which is that huge detached single family house at 13th and Otis. Someone noticed a “SOLD” sign on it this week. I touched base with the listing agent, Denise Champion, and she says they should be headed to settlement this week. If it happens, I promise I’ll do that one next week.
Today’s GDoN-R is one of few short sales that I’ve seen come to fruition in DC. They are all over the suburbs, but make up a very small percentage of our inventory downtown. I’ve posted in the past about short sales, but for anybody who is not familiar with the concept, it means that the owner of the property owes more to their mortgage lender than the current market value of the property. When a prospective purchaser writes an offer, it is technically ratified between the purchaser and the seller, however, there is a contingency for a “third party approval”. Depending on who that third party is, whether there is a second trust on the property, and whether the moon and stars are in correct alignment, these things can take many months to move forward. Often, by the time the bank has approved a short sale, the buyer has chosen to move on to another property. In any case, for all parties involved, it is an exercise in patience (or futility…I had a property under contract as a short sale, only to find out that the foreclosure had already gone through, despite the seller having had ongoing communication with a short sale negotiator. The buyer was heart broken. After months of attempting to contact the trustee and REO execs at the bank, we ended up catching the foreclosure immediately upon being listed and fortunately had a sympathetic listing agent involved. The buyer should go to settlement next week.) Continues after the jump. (more…)
