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Burke Short Sale Condo: SOLD!
Burke Short Sale Condo:  SOLD!
In December 2013, I took a listing in Oakwood Commons in Burke.  A two bedroom, three level, townhouse style condo in a courtyard setting.    The comps showed that homes in move-in ready and updated condition, which was the majority, were selling near $300,000.  Unfortunately, that wasn't the story in this condo.  The kitchen had been updated, as had been the master bathroom, but the hardwood floors needed refinishing, there was a very specific faux finish on the main level walls that would need to be sanded down, and the basement level had holes cut in drywall and acoustic ceiling tiles missing and was generally in rougher shape.  It may only have taken $20K-$30K to fix it up and get it comparable to the best in the neighborhood.  So  it hit the market priced at $269,000 on January 24, 2014.
The market reacted the way most do to Short Sales. They wanted an even lower price.  Why?  The buyer rationale is always, "It's a Short Sale."  Most agents that showed the home didn't even run comps.  They expected a number off the list price as compensation for waiting.  As a Short Sale Agent, I knew that ... more

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