Property Listing

Leisure World is located in Montgomery County which borders Washington DC to the north. This

was our first foray into a community for individuals over 55.  The property was a real estate owned (REO), and was purchased though HomePath, Fannie Mae's online auction website.  The bank had already attempted to rehab the property, but for various reasons decided against it.  The bank had already done most of the demo, painting, and had already purchased the kitchen cabinets which they left behind.  This was a two bedroom, one and a half bath condo in a four story building. The kitchen was completely renovated with new cabinets, flooring and stainless steel appliances.  The bathrooms were in a jack and jill arrangement with the bathtub between two half baths.  All were completely updated with new vanities, toilets, and new tile in the tub surround.  New carpeting was installed in the bedrooms and the existing parquet floors were refinished.  Due to a deed restriction, we had to hold the property for three months.  Also to have the days on market in the MLS  rest to zero, we also had to wait three months.  We really had no idea what to expect.  It was listed on a Thursday, and with a half hour calls began to come in.  By the end of the weekend we had eight (8) showings and two solid offers.  Two weeks later we settled with a full price, all cash offer.  Now on to our next deal.