What's Hot: Mortgage Rates Fall Towards 6% Following Fed Cut
Trinidad's (Almost) $1 Million Contract Falls Through
✉️ Want to forward this article? Click here.
1228 Florida Avenue NE
Last month, UrbanTurf reported that the highest priced home ever to be listed in Trinidad had found a buyer. The six-bedroom house on Florida Avenue was listed for a record-breaking $926,500 on January 31st before dropping to $898,400 on Valentine’s Day. The home went under contract five days after the drop.
The article sparked a good deal of interest among readers, and the buyer even chimed in explain his reasoning for the purchase.
Now we have learned that the original contract fell through. Here is the buyer with an explanation:
The financing was taking a bit longer to get approved than we had anticipated, causing the developer to get antsy and want to cancel the deal. They wanted to close in 2 weeks and would have gone 3 weeks max. I know another buyer or two were waiting in the wings and it went back under contract without hitting MLS again. We learned that to buy from developers, your financing needs to be completely shored up. They expect fast closings (especially if going with conventional financing), with the only gating item being an appraisal (or two for a jumbo loan).
The 3,000 square-foot home has six bedrooms, 4.5 bathrooms, a large yard and a two-car garage. We’ll be keeping our eyes peeled as things move forward with the next contract.
This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/trinidads_almost_1_million_contract_falls_through/6857.
Most Popular... This Week • Last 30 Days • Ever
Mortgage rate buydowns can be a good option for buyers who want to save money on inte... read »
Plans filed this week provide the latest look at the 106-key hotel in the works at an... read »
A plan to add another new residential building to the Friendship Heights pipeline is ... read »
The eight-bedroom, 35,000 square-foot home in McLean known as The Cliffs went under c... read »
The large new development would take the place of the Ballston One office building al... read »
- How Does a Mortgage Rate Buydown Work?
- A Look At Georgetown's New 100-Key Hotel Along The Canal
- Donohoe Files PUD For 127-Unit Development in Friendship Heights
- A $30 Million Sale? One Of The DC Area's Most Expensive Homes Finds A Buyer
- Updated Plans Filed For 328-Unit Development At Arlington Office Site
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro