2 Sold and Settled in February (09)

The Gates of McLean had 2 properties that Sold in February of 2009. That's a 100% increase vs. the 1 of the same month last year (08). So, definately good news on increasing transactions.

The properties themselves were very different. One was a 3 bedroom, Christine model, in building 1530. It was located on the 2nd floor. That property was asking $374,900 and ending up settling for $354,750. It was a cash transaction.

The other property that sold was a one bedroom, Danielle model, which is the largest you'll find in a secure building(1581). This property was also on the 2nd floor. The property was a bank owned property, also referred to as an REO. It was asking $199,900 and settled for $195,000. It sold rather quickly, being on the market only 23 days.

(data from MRIS)

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.