No FHA

I showed a property for sale today. Regardless if my client liked it or not (Which they did). The listing agent said no FHA contracts. That sounds pretty silly. Especially considering that the FHA loan is the bulk of the loans going through these days. It was a bank owned property that was relatively well priced. The listing agent told me that the seller, the bank, didn't want to take the property off the market for an FHA loan/contract that wouldn't happen. He said the community wasn't FHA approved. He is right. It isn't. But there are always exceptions. I know good loan officers who have worked hard to get spot approvals on individual cases. In this community, The Gates of McLean, this seller believs that the high investor ratios of the community prohibit FHA loans from being approved. This is a challenge I've alluded to briefly in a past blog on 9/23/08 "Guilty Party or Victim of the System" (http://gatesofmclean.blogspot.com/2008/09/guilty-party-or-victim-of-system.html).
Now it is a very real problem.

Available in February = 3 Bedroom for Rent

Great Gates of McLean property coming up for rent. It will be available before you know it. This property has granite counters, upgraded flooring, crown molding, and many other nice improvements.

3 Bedroom 2 Bathroom home available for rent, you can move-in during February 2009. Around 1275 square feet of living area. There is also a deck/patio. This home is easy access as the parking spaces are right in front, and it is a first floor property. No lugging groceries up stairs or in the elevator.

For more information, or to schedule an appointment to see the property contact:

Jeff Wu
Weichert, Realtors
240-994-7938
703-938-6070 x198
Jeff@AgentKnowsHomes.com

What happened last month at the Gates

November, a month for Thanksgiving and real estate sales. Well one property at the Gates of McLean sold. It was a two bedroom two bathroom home in a mid-rise building. This property Sold for $350,000 and gave back a closing cost credit to the buyer of $5,000. The property was on the market a paltry 9 days.

The rental market fared slightly better than the Gates resale market in November. There were 3 properties that Rented in November. One was a 3 bedroom, renting for $1850 in 21 days on the market. Both of the other properties that rented were 2 bedroom 2 bathroom homes. They rented at an average of $1750 and in an average of 17 days on the market.

Overall not a ton of activity. But what activity that did occur happened at a very good pace.

(Data taken from MRIS)