Continuing to examine and hold a lively discussion of the Northern Virginia Real Estate market.
Please post your local house search updates, MLS finds, on-topic ideas, and links here.
MM-I saw that the condo (colonial house) went under contract. Hopefully that was you and you were able to get a good price :)
tks housebuyer but..., well, the bank countered but we came up short again, by how much we don't know. at least it's over in a timely fashion...
MM,If the bank countered you, you must have been the best offer (or only offer) they had.May I ask how far apart you were? In a multiple offer situation, I have usually been countered at full price.
the bank "countered" all 4 offers they got but without a price, just asked for the best/final offer. so we could've been $1K or $100K short. or they could've went for a cash offer.
Sorry to hear that MM. I was pulling for ya.
MM,I HATE that highest and best. I like the escalation clause - it favors the purchaser (unfortunately, lenders won't play ball). I hate any "bidding war" and will usually not get involved unless it is a terrific bargain. Of course I am more "numbers" oriented vs. "warm, fuzzy".Also, as a seller, I used to counter the best offer at their highest (based on escalation clause) regardless of the need for other contracts to invoke the escalation - in other words, I saw their "cards". If they didn't bite, I went on to the next offer.Now I find that the appraisals are very low-ball - to the point of being completely unsupported by the comps.
The Anonymous,tks. will keep trying...were you not interested in it too?Va_Investor,i don't pretend to know what banks do but my guess is that they've already got an offer they're happy with and just wanted to squeeze a few more dimes out of the highest bidder. else they could've come back with a number, or even waited a few more days.or they just want to close ASAP to get it off their books.
MM,Was your offer at asking? If not, how much below did you end up at?
MM, sorry things did not work out on that house. Of course, there's always the chance that the first deal will fall through.
http://franklymls.com/DC7424691Closed at 218K, assessed at 332K,
MM - no, I think we are at slightly different price points. Plus I alternate between N. Arlington & Del Ray as I think i'd be happy at either place.
http://franklymls.com/AR7438062Sold for 405K in 05, now UC at 235K43% off of bubble era pricing.reasonably priced, if you ask me.
"Updated kitchen" not so much The agent makes it sound like this house has a ton of renovations. The only thing that I can see that looks new is the sliding glass door in one of the bathrooms.
It says "updated kitchen" not "recently updated kitchen." It looks to be like it's been redone since 1955.
Makes you wonder what other items on their "Recent Upgrades" list aren't really so recent.
They don't even have a built-in microwave. Perhaps the upper cab is too low to meet code. All I see in the kitchen is new(er) appliances.Kitchens sell houses. 10K and two weeks is all it would take. Nice maple cabs, granite, new sink and faucet, tile flooring. The new cabs above stove could be shorter if needed for that necessary micro. I would put the same kitchen in that I put in an 850K house in 2005.And no, before everyone jumps down my throat, not woodmode, etc. That would be an over-improvement in this price range.I thought the bath shown has been sufficiently upgraded. Shower door and new wall tile. Looked like a new vanity and faucet. I don't think I could see the floor. Very easy to ascertain dates of hvac, hwh, etc. Just look at the model # and serial #. Usually the last two numbers are the year of manufacture.Looks like a perfectly nice house in a good neighborhood.
I find interesting that as the banks were having issues with the foreclosure process and halting foreclosures the government agencies dramatically increased their REO levels. reo numbers They are up almost 100% YoY and 25% MoM.I am interested to see if the government is going to continue to increase the speed of selling foreclosures, or if they will slow as house prices start to decline e.g. is the government letting REOs out at a pace to try and keep housing roughly flat.
Va_Investor,we didn't counter back, i.e., our first offer was our last, and it's below list, a few good percentage lower.Ace,i've yet to see an REO contract fell through but who knows?!The Anonymous,Not fair! you know my price points but i don't now your!!!housebuyer,i track WaPo Virginia trustees sales ads actively and i've noticed the number has plunged in the past week or so, from about 100 a day to the 10s or 20s, and this is AFTER BoA announced they'd resume foreclosure. what's your take on this, if any?
MM-Even though BofA said they would start the foreclosure process again it takes a weeks/months to complete the process. So it will take time after they made the announcement. In addition my guess is that they and other banks are being very careful with foreclosures right now so they are probably going slow with creating new foreclosure. I would think that for the next month or two banks will be very slow with the foreclosure process.
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