Tuesday's Deal of the Week

• September 15th 2009

by Mark Wellborn

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This week’s Deal of the Week is a two-bedroom, two-bath condo in Adams Morgan that we warn you, is a short sale. The complaints with short sales (which are essentially homes that are on their way to foreclosure, but are not there just yet) are that it can take forever to hear back from lenders with this type of property, and that there is a slim chance that you will actually get the home as you are likely in competition with a number of other buyers.

That said, this is a very nicely priced two-bedroom that has a sunny living room, a large master bedroom and a brand new kitchen. After just a week on the market, the price was reduced by $50K, which makes us think that there is still some negotiating room. If you have time to wait, this may be the property for you. More photos and info below. For the full listing, click here.

2509 17th Street NW, #2 (see map here)

• Price: $450,000
• Bedrooms: Two
• Bathrooms: Two
• Year Built: 1900

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 5.07%.

• Loan Amount: $360,000
• Principal and Interest: $1,948
• Taxes and Fees: Approximately $565
• Est. Insurance: $60
• Total Monthly Payments: $2,573

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/tuesdays_deal_of_the_week22/1311.