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

• March 29, 2013
• 6 Comments

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

6 Comments

1. EA said at 6:59 pm on Friday March 29, 2013:
   I work with multiple developer/investors and I don't know any who would stop a deal over financing taking an extra week, especially if it is still less than 30 days to close...there is more to this story than you are getting from the buyer.

1. saladman8283 said at 7:56 pm on Friday March 29, 2013:
   I agree with EA. My guess is that it did not appraise for the original sale price.

1. mona said at 9:15 pm on Friday March 29, 2013:
   If it hadn't appraised then they would have been better off lowering the price to appraised value and keeping the same buyer instead of starting all over again with new buyer. That is unless of course new buyer was willing to pony up the difference and the original buyer wasn't. I question the notion that the developer didn't want to continue with buyer cause it was taking to long. Bird in the hand it what most devlopers look for. Work with the buyer who has already started the process and see if you can get to the end unless something comes up that just kills the deal. Like if they can't get financing after all

1. m said at 11:27 pm on Friday March 29, 2013:
   EA- What do you do in working with developers & investors? Contact me: gkellycorp@gmail.com I design and build in the city.

1. James said at 2:34 pm on Sunday April 7, 2013:
   EA, You read it wrong: They wanted to close in 2 weeks and would have gone 3 weeks max. The developer wanted to close in 2 weeks but would have gone to a maximum of 3 weeks. There is no mention or indication of how long the buyer needed for financing. It could have been another month.

1. tommy jog said at 7:22 pm on Friday April 12, 2013:
   http://www.redfin.com/DC/Washington/1228-Florida-Ave-NE-20002/home/10096969 - SOLD. Has to be a record for Trinidad.