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Friday, October 29, 2010
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27 comments:
Here's a strange (IMHO) sale. $97K in seller subsidy, so after 4 DOM, the house sells for well under asking. Most unusual in that neighborhood. Maybe the inspector found some major structural problems that any buyer would demand a large credit to fix?
Little Falls Rd.
Ace-
I agree that is strange. Is it possible that someone just typed in the wrong number?
i will be at northside social, asian, balding leather jacket
CNBC article: "Can Housing Really Be Fixed? Here Are Some Possibilities"
http://www.cnbc.com/id/39913745
http://franklymls.com/AR7415059
appraised at 314K sells for 290K,
30 DOM but a place maybe 5 units away sold for 260K.
I"mnot sure what justifies the 10% price differential
well the social hour didn't go off.
is there a better approach?
Does it just need time to become an event?
http://franklymls.com/DC7050285
The Cat Lady place closed.
Wow. Now the real work begins.
this place sat 230 DOM, and almost
365 days under offer, the "Tenant"
was the Daughter of the owner and
obviously played the delaying game.
Now she's lost title, the question is how long she fights the departure order (Eviction).
For those new listeners.
This is a great little location,
but the woman who was there had filled the place with 4 cats who she was encouraging to shit everywhere. The place just reaked of cat box.
the specific deal was it was sold with her in place, the buyer had to get rid of her.
it may take a year to get her out.
deflation and high unemployment.
It's a mess
http://voices.washingtonpost.com/political-economy/2010/10/dc_attorney_general.html
"D.C. Attorney General Peter Nickles this week created an opening for potentially tens of thousands of homeowners to challenge their foreclosures. He issued an enforcement statement emphasizing that District law requires that the assignment of a mortgage from one party to another be recorded within 30 days of the transfer.
This is a problem because many of the country's biggest mortgage companies list MERS, or the Mortgage Electronic Registration System, as the mortgage holder -- rather than the actual owner of the mortgage -- in local deed offices. "
Cheryl is an attorney, what do you think?
Pat,
I think it's much ado about nothing. It would be a darn shame to hold-up and/or tie up these properties. While it may be true that a technical violation occured, what are the damages to the debtor? Did they actually comply with the terms of their mortgage (ie. pay it as required). If they breached first, how can they ask the Court for relief?
And if they do get relief, it will merely result in a few months of free living and more losses to the lenders. Where do the equities lie in this event? What is a fair result?
This may not be the legal outcome, but it is clearly the equitable result. 90% of us are paying on time and the result for us is more damage to the housing market while we absorb the cost of those "squatting".
Cheryl
I agree, but as a lawyer, you know the law is about clauses and terms never about equity, or fairness.
In fact the whole drive of the conservative legal movement was to eliminate feelings, fairness or justice and to only "Perform as an Umpire", to quote Chief Justice Roberts.
I agree it's about wether debtors pay their bills but, if the Banks busted their secuity interest, it seems that a lot more people can file bankruptcy and convert bank notes into unsecured credit, which would be a back door route to Cramdown that the bankers prohibited from the Front Door.
"Contrarian said...Deflation? Who woulda ever thunk it?"
To bad this chart (which you gleefully showed to us during the few months there actually was deflation) disagrees:
http://www.inflationdata.com/inflation/images/charts/Annual_Inflation/annual_inflation_chart.htm
any thoughts on this REO condo/house
(note yard is common area) before we submit our offer tomorrow? tks!
What's up with the "condo" designation?
well all we know is it's in a nine SFH condo assoc, and the yard is part of common area, and the owner's not allow to put up a fence around it.
if that unit is listed as a Condo does Fannie condo rules apply
did you mean FHA loan rules? i suppose so.
MM-
It looks nice and the house and the condo fee is no more expensive than a lot of HOAs, which is pretty nice. Goodluck
MM, lots of space and nice exterior. I suspect it will be bid up substantially. Hope not and that you get it!
MM, I'm sure you noticed the Arl. records show it has no central air. With the likely duct work (etc.) needed in that age of house, adding air will be expensive. It looks as if the owner pulled all the equity out of the house just to live over the years, meaning little maintenance and few replacements of things when their useful life had passed, so I hope you had/have a good inspection. It could be a deal or it could be a huge money pit.
MM,
I like it. It's brick, a colonial and large. Built in 1930 is a good thing. Hardwood throughout.
You will propbably want to do hvac down the road and switch out of oil heat. I don't know what that will cost today; I had a property in WFC (about the same age) that I had the same work done on in 1992. I don't recall it breaking the bank. I wonder what happened to the radiators. You will probably lose some closet space to duct-work.
The only thing I would do pre-move-in would be refinish the wood floors and paint. Everything else can wait.
I'm quite fond of brick due to lack of maintenance. Is that roof slate? I'd probably want it inspected by a slate roof guy.
I'm sure your inspector will check for circuit breaker's and adequate capacity for CAC.
Good luck!
p.s. still curious about the "condo" status. Are the other homes relatively new?
OH, and definitely have an environmental check for oil leakage!
Ace
If it's a condo, Fannie has special rules on Condos. The rented units may require you to get investor financing.
http://franklymls.com/DC7464792
assessed at 378K,
goes UC at 215K
http://www.google.com/search?q=DC7291308
I got an alert this was taken off the MLS, it was appraised at 299K
they listed at 299K, couldn't sell so
raised teh price to 421K to make it more attractive.
Ace,
indeed, a lot of interior space which somewhat makes up for lack of private yard. and it'd cost some serious $$$ to fix it up entirely, but appears to be livable as-is.
Va_Investor,
yes all other houses were built in 1978. my guess is the land was sold to developers to build eight new houses. odd, to say the least.
pat,
we have finance contingency in the offer.
FWIW my agent said $10K for installing central AC. not sure if that includes new heat.
MM,
They probably had to go "condo" to build that in-fill out. Can't think of any other reason to do it that way. Must have been the only/easiest option with the then current zoning/building requirements. I'd want to read the condo docs re: maintenance responsibilities. Is the road state maintained? etc.
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