Trinidad’s (Almost) $1 Million Contract Falls Through

• March 29, 2013

by Shilpi Paul

1228 Florida Avenue NE

Last month, UrbanTurf reported that the highest priced home ever to be listed in Trinidad had found a buyer. The six-bedroom house on Florida Avenue was listed for a record-breaking $926,500 on January 31st before dropping to $898,400 on Valentine’s Day. The home went under contract five days after the drop.

The article sparked a good deal of interest among readers, and the buyer even chimed in explain his reasoning for the purchase.

Now we have learned that the original contract fell through. Here is the buyer with an explanation:

The financing was taking a bit longer to get approved than we had anticipated, causing the developer to get antsy and want to cancel the deal. They wanted to close in 2 weeks and would have gone 3 weeks max. I know another buyer or two were waiting in the wings and it went back under contract without hitting MLS again. We learned that to buy from developers, your financing needs to be completely shored up. They expect fast closings (especially if going with conventional financing), with the only gating item being an appraisal (or two for a jumbo loan).

The 3,000 square-foot home has six bedrooms, 4.5 bathrooms, a large yard and a two-car garage. We’ll be keeping our eyes peeled as things move forward with the next contract.

This article originally published at http://dc.urbanturf.com/articles/blog/trinidads_almost_1_million_contract_falls_through/6857