Deal of the Week: Picture Perfect Bungalow With A Slight Problem

• July 24th 2012

by Shilpi Paul

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This edition of Deal of the Week features a two-bedroom bungalow in Silver Spring with one small problem.

First, to the brag-worthy aspects of the house. The three-bedroom Sears-like bungalow has a spacious porch, updated kitchen and bathrooms, a picnic table-esque eating nook, a finished basement and sits on a large lot. The home, which hasn’t been on the market in 14 years, is in a good school district and is pretty close to downtown Silver Spring.

However, the listing has been sitting on the market for perhaps longer than the good price and cute pictures would warrant. The reason? After an addition was added to the left side, the house started to sag and the floors now slope a bit. The agent tells us that the current owner just decided to fix the problem, and will be making changes that stabilize the foundation. (Interested buyers can get a $25,000 discount on the price if they decide to do the work themselves.) Since making the decision to do the work, the agent tells us, the house has generate a lot more interest.

More details and photos below.

• Full Listing: 2000 Grace Church Road, Silver Spring, MD (map)
• Price: $475,000
• Bedrooms: Three
• Bathrooms: Two
• Year Built: 1923
• Listing Agent: Peggy Speaker, Long & Foster

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 3.9 percent.

• Loan Amount: $380,000
• Principal and Interest: $1,792
• Property Taxes: $300
• Total Monthly Payments: $2,092

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/deal_of_the_week_picture_perfect_bungalow_with_a_slight_problem/5811.