What’s up with the price change on this listing?

What’s up with the price change on this listing?

One of my clients recently sent me an email inquiring about a Short Sale listing in the MLS which had gone on the market at $300,000 and is now, a month later, listing for $344,000. He asked me to check on the reason for this strange price change. Many Realtors ® would not find this very confusing, as we have seen this type of price change frequently in the past few years; however, buyers who have just started looking at the market recently might. The time line is a bit short, but this may be explained by the new Short Sale regulations, which should be reducing the response time from lenders considering Short Sale transactions throughout the industry.

Let me explain. What I have seen before and what is consistent with the timeline of this listing, is a Short Sale that was placed on the market at a lower than "market value" price in order to attract an offer that would then be ratified by the seller and submitted to the bank for review. When the Short Sale department rejected the contract and sent back an acceptable price, the original buyer rejected the bank's new price and the listing agent put the property back on the market at the bank's new price and added to the listing remarks that the price has been accepted by the bank. Though this procedure causes less certainty for buyers looking at properties newly listed as Short Sales, it does help show buyers a more accurate listing price once the bank has responded to the original, "too low", offer.

Buyers have to understand that in some of these cases there is a short window of opportunity after this process is complete to get a contract into the bank for review before the property continues towards foreclosure, or in some cases, deed-in-lieu. Many changes are occurring in the financial market in regards to Short Sales, and it is important to talk with a Realtor ® that has up to date information on what changes have been implemented and by which financial institutions.

Buyers also have to understand that just because a property has had a price accepted and provided by the bank, this does not mean that the price is a "bargain" or even an accurate representation of the value of the property. A bank will use a BPO (Broker's Price Opinion) to establish this price, and it is just what it says it is: an opinion. At this point the help of a trusted Realtor ® can be invaluable in determining whether or not to pursue the property. For further information on the new regulations mentioned in the first paragraph, click here.

Lakeside Plaza

Lakeside Plaza is maintained by in-house management staff. The in-house management staff has taken steps to insure that the building is well maintained by upgrading the elevators, the exterior of the building, the common areas, and much more. They are well supported by a great board of directors who have taken a strong lead in insuring that the financial status of the condominium is insured for the long term. An example of the financial strength of the association is available at http://lakesideplaza.com/financial.html. Amenities at Lakeside Plaza are numerous including tennis court, outdoor pool, indoor pool, whirlpool hot tub, steam room, sauna, community garden, basketball court, tot lot, picnic area w/ grills, hiking trails, walking paths, convenience store, barber shop, handicap accessible work out room, fitness center, weight room, storage, game room, community center w/ kitchen and wide screen TV, 24 hour front desk, in house maintenance, and much more. A healthy social committee hosts Sunday brunches and parties throughout the year. The front desk staff goes above and beyond the call of duty to help the residents. The maintenance staff has been working on the building since it was built in 1983 and they really know what they are doing. Though many of the residents enjoy their solitude, there is no lack of opportunity to become involved in the many groups in Lakeside Plaza. The North side of the building faces Lake Barcroft, a private lake owned by the residents of the Lake Barcroft community. The upper level units have very nice panoramic views that can include the Washington DC area. The South side of the building enjoys a beautiful Park view and wonderful southern exposure. Holmes run park, which is the runoff from Lake Barcroft, creates a wonderful buffer from the metropolitan surroundings. There is a great bike path along Holmes Run and the quiet peaceful park lends the south side of the building to relaxing evenings on the balcony, of which every unit has at least one. Located just south of Bailey's Crossroads, Lake Barcroft is about four miles from East Falls Church metro, Ballston metro, and Van Dorn Metro stations. Many of the stores that cater to the needs of the community are located at Barcroft Plaza and of course there are tons of stores in Bailey's Crossroads. Public transportation is very easy in that the bus stop is located at the end of Powell Lane. There is a great deal of information on the Lakeside Plaza Website, www.lakesideplaza.com, including floor plans with the tiers where they are located in the building and pictures of the many amenities as well as rules for the condominium. I am a big fan of the Lakeside Plaza community and would be very happy to discuss with you the listings available... www.MJRMLS.com enter the search term "3800 powell" Thank you for reading and please feel free to leave a comment.

First walking video of my listing.

I finally made my first walking video of one of my listings. Please take a look on youtube - http://www.youtube.com/watch?v=CYqaabMUS9k Feel free to ad comments or critique as much as you want.