How is Marumsco Village in Woodbridge?

[bumblebee27]

Originally Posted by oneasterisk

It's a regular sale, but it's an investment company that has flipped the house. Some fact checking shows that it was sold on 8/3 for $89k. Looks like they did a lot of renovations in a little over a month and now selling for 2.5 times what they purchased it for. Only you as the buyer can say it is worth that

Here are some comps that you can look at. This website is nice because it'll show you the list, the contract price and whatever seller subsidy involved without having access to MRIS: FranklyMLS.com Virginia & DC MLS via Keyword Search & Wiki. Homes for Sale

In a way I don't like that first time buyer's credit. It's putting an artificial push on the market. It may be almost better to wait till after the tax credit is over so that there is less competition and you may get the same house for "cheaper". Also you have to close by Nov 30. Hopefully you can close in a little over a month.

Thank you! Thank you! Thank you!

I forwarded this to my real estate agent; I don't know why the recent sale of this house didn't come up when she pulled the comps. However, she did notice the recent sale of three houses owned by the same investment company closing through the same title company and was uneasy with that.

Your are absolutely correct about the first-time homebuyer credit. I had decided to wait until after it expired, but when I closely read the qualification; I realized as of the beginning of Septemer, I'm considered a first-time homebuyer and qualify for the credit.

I'm going to check the link you gave me now; I just wanted to tell you how much I appreciate your help first.

[oneasterisk]

Glad I could help. One thing that makes me a bit queasy is the short amount of time it was flipped. You have to wonder if the renovation company took some shortcuts or did so-so work to make that deadline. It looks like the kitchen/baths/back deck are all new. What it sold for is probably an indicator of what condition it was in. So long as they did the repairs/reno properly it shouldn't affect the sale of it now, but you have to think to yourself is it worth what they're asking. The past sales price is meaningless, as you're buying the house in its present condition. That's why I say to defiinitely get a home inspection. You should get one anyways, regardless of a new home purchase or purchasing an older home IMO.

I'm not a realtor just an average guy so take what I say with a grain of salt