Home Buying in Washington>Question Details

Rita, Home Owner in 20854

The appraisal value is $63K for the 2 BR condo in zip 20019 but its selling price is $70K. It is on a short sale. What price should I ask for?

Asked by Rita, 20854 Wed Jul 6, 2011

My husband is considering purchasing the condo as a rental property and had it inspected. It requires minor repairs and several upgrades including two windows. The condo is located on Grant Place NE in Washington, DC 20019. Would it be a good place to rent despite its lower appraisal value? I paid several hundreds of dollars for an inspection and an appraisal. The condo has 2 bedrooms.

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I would not know what the Comp's are coming in at,
you should have a Realtor do a CMA

Lately, Condos in the low price range with Multiple offers are going for LIST +

I'm not much help, but that CMA would do you better

The best news, The Buyer's Agent and the CMA are free.

Good luck and May God bless
0 votes Thank Flag Link Fri Jul 22, 2011
Greetings Rita: I am 20 days late as saying goes, Better late than Never. In advance, disclosure I am not an Advisor in Real Estate Investment. However, as a Real Estate Agent, from Realtor listing site (MRIS) for the last 365 days, sorry, I have to give you a Year Comparable than the usual 180 Days, median Average Condo Sold is less than the Appraised value.

The Appraisers are usually goes deeper than us and most importantly that is their job. In addition, you did not give us enough information such as the Condo Fee, the location range, several upgrades you mentioned that would cost you. What my Capitol Hill Colleague, Kivanc mentioned below "Sales and Rent" comparable are also essential. You are free to contact me if you have further Question(s).

Good Luck,
0 votes Thank Flag Link Fri Jul 22, 2011
I hope it is not too late to respond to your question. I am a Realtor w/ Long & Foster and licensedin DC. I can send you the sales and rent comparables in that neighborhood. Depending on the comparables, we
can revisit the appraisal.
Please contact me if you like me to send you the comparables. Thanks
0 votes Thank Flag Link Fri Jul 8, 2011
If it is a short-sale, I would ask the advice of a local agent, but as a rule the banks will not take anything less than 88% (net) of appraisal. Again, I would ask a local agent, but this is based on a short sale company that has dealt with 800 short sales.
0 votes Thank Flag Link Wed Jul 6, 2011
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