Another Braemar Townhouse SOLD!
This Braemar townhouse located at 10132 Pale Rose Loop, hit the market on May 8, 2013 priced at $285,000. It was a Short Sale with one mortgage.
There is a misconception in our neighborhood, and surrounding real estate market, that Short Sales bring down property values. I know that is incorrect information because I list Short Sales as well as Regular Sales. Trust me when I tell you that the banks and the investors that back underwater mortgages are NOT leaving any money on the table. So as a general rule, I price Short Sale listings the same as Regular Sales. It’s all based on property condition, and this end unit townhouse was in excellent condition.
It received multiple offers and was under contract on May 8th. That’s where our story lags for a bit. This particular Short Sale was a VA loan through US Bank. US Bank proved to be horrendous at processing paperwork. So much so that when the file continued to be held up in processing, I involved the Consumer Financing Protection Bureau (CFPB) and the VA (Veterans Administration) in late October. I was about to involve our U.S. Senators when, miraculously, the report to the CFPB got the file noticed by U.S. Bank and was finally put up for investor review. One month later, we had our approval letter. The Seller’s mortgage debt was forgiven.
This Braemar townhouse sold on December 27th for $290,000. That’s a lot more than the last reported average sales price of Braemar townhouses of $272,567, and $5,000 OVER its list price. So next time you hear that Short Sales are bringing our neighborhood values down, remember this Short Sale is actually improving our neighborhood values.
If you have a Braemar townhouse or single family home you need to sell, please give me a call for a free market analysis. No One Knows Braemar Better!
Chris Ann Cleland, Associate Broker-Licensed in VA, Long & Foster REALTORS®