"What's wrong with this property? Why has it been listed for so long?"
There are several answers to your question.
This is a short sale. Depending on the skill of the listing agent and which bank(s) hold the loan, it can take 6 to 12 months to close on a short sale. It has been in escrow twice which ads time to the sale. Short sales often fall out for many reasons.
A big reason is that this is a small complex of 14 units. One person owns 2 or more so the Government porgrams like Fannie Mae, Freddie Mac and FHA will not finance it in most cases. There are not as many cash buyers until the property makes financial sense. This home has come down from $215K to $170K.
It is also "contingent" which means there has been an offer accepted (1/30/12) which has been submitted to the bank for Short Sale approval. They will ontly take backup offers at this time.
If you are not already working with an agent, please contact me or another agent so you do not waste time on properties like this.
See the link provided for more info on home buying and Short Sales-foreclosures.
Dennis Smith, ABR, SRES, e-PRO, CDPE, RealtorÂ® DRE# 00476662
Certified Distressed Property Agent
The property is currently in Contingent status according to the MLS as of 1/30/12. This means the seller has accepted an offer, but they are waiting for bank approval of the short sale. This is a short sale property that does have one lien on it. There is also a comment about the room added at ground level with a bathroom-permits unknown. If you are interested you could have your REALTOR inquire to see if they are accepting back up offers.
Marcie Sands, REALTOR
SImply The Best Real Estate Co., Inc.