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 the bank would do a BPO, find the value about where we listed and want that.
Somewhere along the way, a foreclosure date was set and the property was damaged by the very asset protection company hired to keep the asset safe. In changing the locks on only one door, they left the home wide open. The lock change had not been completed, meaning nothing in place to secure the entry to the home, and the door damaged.
It was around this point in time, I advised the Seller to lower their price to $254,000. They had a rather low loan payoff and considering that, and the damage the bank had done themselves to the door, it might just work. So the price was changed on March 5th. Still more lowball buyers came out of the woodwork. One put their lowball intentions in writing while another Buyer and their Agent ran comps and offered only slightly less than list.
My Seller signed off on the more realistic offer and it became a contract. On May 29th, we had Short Sale Approval from the lender, SunTrust.
This Oakwood Commons condo in Burke sold for $250,000 on June 26, 2014.
If you or someone you know is facing Foreclosure and wants to look into Short Sale as an option, give me a call.