Takoma Park, Maryland 20912
Listing Details
Photos (30) / Map

Click for complete address
Takoma Park, MD 20912

Short Sale
Listing ID: 52661299

$399,900

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.
Sign Up Now!
  • Property Information
    • Price: $399,900
    • Lot Size: 0.11 acres
    • Heating Type: Radiator
    • Year Built: 1942
    • Description: Great location around the corner from Long Branch Park and with easy street parking. It's a 3 Unit Multi-family in need of work with a Takoma Park address but located outside of the City limits and not subject to City Rent Laws. This is in unincorporated Montgomery County with the lower taxes that brings. Economical Gas Heating and Hot Water. 3 separate electric meters. Heavy cosmetics are needed - this has been neglected but the bones appear good. This is a short sale to be sold strictly as is. It's 3 units - 1 on each of the three levels: Top 1BR/1BA; Main 3 BR 1BA; LL 1BR/1BA. 3 electric meters. Allow 60 days to obtain short sale approval of the third party bank. The property will convey vacant of a tenancy. Short sale to be negotiated by Attorney Jill Michaels, Short Sale Specialist. The sale is subject to third party (bank) approval. Most recent rents were $1200 pm for Unit 1, $900 for Unit 2 and $700 for basement. These are all under the market if the house is renovated and should go to $1700, 1500 and 1100 after a decent update. 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: MDMC667396
    • Day(s) On Site: 129
  • Property Tax Roll
    • Subdivision: TAKOMA PARK/MONTG COUNTY
    • School District: MONTGOMERY COUNTY PUBLIC SCHOOLS
    • Elementary School: ROLLING TERRACE
    • Junior High School: SILVER SPRING INTERNATIONAL
    • Senior High School: MONTGOMERY BLAIR
    • Property Type: Multi Family Dwelling
  • AVM Report
  • NEW Credit Information Center
    • Want to fix your credit before buying?: Learn how
    • Want to know your FICO score?: Click here
    • Are you the victim of identity theft?: Find out
  • County Information
  • Document Center
  • Mortgage Information
    • Estimated Monthly Payment: Payments as low as $2,100 per month
    • Monthly Payment Disclaimer:

      Based on a 30 year fixed-rate of

      5.75% with $39,990 (10%) down.

      Check rates now!
Listing History
Start Date End Date Listing Type  
07/24/10 08/11/10 Preforeclosure 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.

Close