Monday, July 16, 2018

I am gaining market share in University Towers, a condominium community in Silver Spring---- 3 recent deals with unique flavors

I have steadily been gaining market sharing in University Towers, a condominium community in Silver Spring, MD, recently completing the sales of 3 condominium units.  University Towers is actually comprised if 2 high rise condominium buildings in Silver Spring, MD., near the corner of University Blvd and Arcola Ave. It is a sought after community because of its convenience, amenities and conveniences.  Many people, whether first time home buyers or people downsizing purchase in this condominium community because they have strong connections to the Kemp Mill community and want to be part of that community without the upkeep and expenses of a home.

I recent sold units 619-B, 1007-B and 1114-B, which all had their unique wrinkles.

The owner of 619- B, a 2 bedroom, 2 bath condo,  had recently moved and I contacted the owner asking if the condo could be shown to my clients.  We were able to come an agreement and the condominium unit never even hit the market.  

The owner of 1007-B , a 1 bedroom condo contacted me several years ago about moving up from a condo to a house but for a variety of reasons that didn't work out.  The owner stayed in place and she called me in the fall, ready to sell.  I was so flattered to have left such an impression with her that she had my contact information.   It was a very difficult situation as the owner has purchased at the height of the market, had 2 mortgages on the home and today's market value is still lower than it was back then.   So we agreed to do a short sale which takes a lot of patience and a lot of work.  Fortunately, I was able to secure a patient buyer who understands short sales and was able to wait out the time period. The short sale company did a great job.
*Rule of thumb if you buy a short sale:  in addition to needing to have patience, if you are purchasing the home with a loan, don't lock the interest rate until the short sale is approved because you can't predict or promise the time period by which we settle and you can only lock an interest rate for a finite time.

The owner of 1114-B contacted me after he heard that I sold a home nearby.  We connected immediately and roughly a month after we talked, I put the condo on the market and got a full price contract after being active for 8 days.  The buyer used an FHA loan, which my seller had reservations about, but after discussing the loan program and talking with the buyers, the seller got more comfortable.  The condo appraised at full price and we settled. 
*Rule of thumb for buyers when completing a contract for a home purchase:  make sure you know how long of a lock rate your lender is giving you on the loan so you can figure that into the settlement date.  You can see the relevance of lock rates as I mentioned that in my note about the 1007-B sale.
The buyer for unit 1114-B was mistaken/didn't confirm how long her lock rate was for prior to our completing a contract.  Several days after we were under contract, she learned that the settlement date was further out than her lock rate period and the seller didn't want to move out early because a lot of logistics were involved in coordinating his move and he was unable to reschedule.  We came to a compromise, enabling the buyer to settle within the lock rate period and allowing the seller to rent back the condo until the original settlement date.  Thankfully it all worked out.

As you can see from above, there are several possible variables in the sale of a property, whether it is a condominium, townhouse or detached home.   I am confident in my ability to handle expected and unexpected wrinkles in a home sale, my ability to make your home goals and home dreams come true.

Whenever a family member, friend or colleague says they are thinking about moving in the MD & DC area, please think of me and pass along my contact information or I will initiate contact with them--whatever is more comfortable for them.  If you are thinking of moving, I would love to help and we will have a free and confidential, no hassle consultation.  CALL/TEXT/WHAT'SAPP:  (301)943-4370 or  Even if they or you aren't in the market to buy or sell but have a real estate question, want to talk about the real estate market, I would love to meet.  I always have time for and appreciate your referrals.

Life is good!
Cell/Direct:  (301)943-4370
Office:  (301)921-4500 - ask for Adam
Licensed in MD & DC
RE/MAX Realty Group
information deemed to be accurate but not guaranteed

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