Takoma Park, Maryland 20912
Listing Details
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Takoma Park, MD 20912

5 Baths | 3,088 sq. ft.
Short Sale
Listing ID: 52216269

$499,900

Short sale properties represent tremendous opportunity to you as a buyer because they are aggressively priced to sell well below or just at fair market value. Existing homeowners are typically distressed and eager to sell for less than what is owed on their mortgages. They are "underwater" and either can no longer afford their mortgage payments or are simply unwilling to continue to make them for various reasons. For more check out 'First Steps' below.
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  • Property Information
    • Price: $499,900
    • Bathrooms: 5
    • Living Area Size: 3,088
    • Lot Size: 0.23 acres
    • Heating Type: Radiator
    • Air Conditioning: Window Unit(s) A/C
    • Year Built: 1948
    • Description: Multiple possibilities abound in the 1948 home that once was a 3 unit multi-family and is now converted to a 2 story w/ partial basement + a separate rental 1BR on the basement level with separate side entrance. Property needs work, mainly on basement level where there is water infiltration at the rear basement unit. Sold strictly as is - short sale subject to third party (bank) approval. The main level has an updated and open granite/stainless kitchen overlooking a separate dining area and living room with wood floors and a wood burning fireplace! There is a main level bedroom and bathroom suite and another bedroom and den and bath on the main level. A huge east facing sunroom overlooks the rear yard - great for Summer entertainment and plants. Upstairs more wood floors and 3 big bedrooms + a den/workshop (can use this for another bathroom to make into an Owner's Suite), along with an updated full hall bathroom. The upper and main level was originally two separate apartments. There is another 1BR and den apartment on the lower level that was licensed until a year ago. If it is rented again it will not be under the Rent Stabilization Law provided the Upper Level is owner-occupied. The lower level needs some work but for a little investment, there's a lot of potential income. and it has a private entrance. The furnace (gas fired boiler giving radiator heat) was new in January 2018. There's 3 car parking in front and a curb cut for another driveway on the side street of Garland Avenue. The yard is a "Certifed Wildlife Habitat".It's a great location on the bus line, close by the future Purple Line and just over a mile from Takoma Metro Station. Sligo Park is a short walk away and the Cooperative and restaurants are near. The house needs some work but it's a lot of home for the money. Sold strictly in "as is" condition, inspections are welcomed. This is a short sale subject to third party lender approval. The law office of Jill Pogach Michaels will handle the short sale negotiations with the bank. 2 gas meters & 2 electric meters - basement needs work & need cash or renovation loan like FHA 203K. If you owner occupy main 2 levels & renovate the basement you will be exempt from City Rent Stabilization Law - this is likely highest and best use. Seller requests settlement with negotiating attorney office: Michaels Title & Escrow Copyright 2019 Long & Foster Real Estate. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
    • Comments: Listing Status: Pending
    • Source ID: MDMC622992
    • Day(s) On Site: 250
  • Property Tax Roll
    • Subdivision: TAKOMA PARK
    • School District: MONTGOMERY COUNTY PUBLIC SCHOOLS
    • Elementary School: TAKOMA PARK
    • Junior High School: TAKOMA PARK
    • Senior High School: MONTGOMERY BLAIR
    • Property Type: Multi Family Dwelling
  • County Tax Roll
    • Baths: 5
    • Full Baths: 5
    • No. of Stories: 1 1/2 STRY W/BSMT
    • Basement Sqft: 1,200
    • Fireplaces: 1 STORY FRAME
    • Exterior Wall Type: BRICK
    • Heating Type: RADIANT HOT WATER
    • Roof Material: COMPOSITION SHINGLE
    • Land Area Sqft: 10,200
    • Year Built: 1948
    • APN: JN62-0000-0000-0000B-0006
    • Property Type: Single Family Residence
    • Township: TAKOMA PARK
    • Living Sqft: 3,088
    • Style: CONVENTIONAL
    • Sewer Type: PUBLIC
    • Subdivision: TAKOMA PARK
  • AVM Report
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  • County Information
  • Document Center
  • Mortgage Information
    • Estimated Monthly Payment: Payments as low as $2,626 per month
    • Monthly Payment Disclaimer:

      Based on a 30 year fixed-rate of

      5.75% with $49,990 (10%) down.

      Check rates now!
Listing History
Start Date End Date Listing Type  
04/08/19 05/08/19 Preforeclosure View now
01/27/19 10/20/19 Short Sale View now
05/01/12 01/26/13 Bankruptcy View now
  • Contact Information
    • Agent Company: Takoma Park Old Town
    • Agent Name: David Maplesden
    • Agent Company Address: 1 Columbia Ave.
    • Agent Company City: Takoma Park
    • Agent Company State: MD
    • Agent Company Zip: 20912
    • Agent Company Phone: (866) 677-6937
    • Agent Company Email: Email Now
    • Agent Phone: (866) 677-6937
    • Agent Email: Email Now

FIRST STEPS:

Short Sales

You've identified an ideal short sale property. Now what? Short sale properties represent tremendous opportunity to you as a buyer because they are aggressively priced to sell well below or just at fair market value.

Read more

Indeed, the existing homeowners are typically distressed and eager to sell for less than what is owed on their mortgages. They are "underwater" and either can no longer afford their mortgage payments or are simply unwilling to continue to make them for various reasons.

On the flip side, lenders are often willing to agree to sale prices that are considerably less than what is owed on the current mortgages because the alternative is foreclosure, a costly, complicated and expensive process that will most likely only clog their non-performing asset pipeline further.

Therefore, once you identify a desirable short sale property, it's important to contact a local licensed real estate professional - or the listing agent - who can walk you through the negotiation and purchase process.

You need to act fast!

That's because short sales are time-sensitive. In addition, it's not a "traditional" transaction, meaning that it often takes longer - about four to six months on average - to close a deal.

But, more often that not, it's well worth the wait ... literally and figuratively.

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