Let there be no doubt about the shortage of affordable homes in the city of Washington D.C. This complete gut job of a fixer-upper was a HUD foreclosure that lasted only two weeks on the market and received 138 official offers. Being close to Union Station helped. Since it was a HUD property it had a special application process and some people didn't do the paperwork correctly so there were actually more than 138 interested buyers. The HUD rules also require it be made available to people who are going to live there before opening it up to investors so all of these people were planning on being owner-occupants not just flippers. Before the feeding frenzy began the four bed, four bath was asking $337,000 but went under contract for more than twice that at $801,000.
Real estate agents all over town marveled at the intensity of the interested buyers and will be sharing this war story for years to come. Since Redfin agents can leave comments on a listing page we've pasted some of their thoughts after the jump. They also passed on some of the jokes they told each other during the most intense two weeks any barely-liveable property has ever seen.
"Received 138 offers thru the HUD portal and one offer has been chosen, per agent 12/6. Many other offers were emailed and not submitted correctly through the portal." –Leslie White, Redfin Agent
"When will it end???" –Polly Bomstein, Redfin Associate Agent
"I've never seen so much traffic in a property. It will be interesting to see what this goes for." –Jim Florie, Redfin Associate Agent
"White tile under the upstairs carpets, not wood as expected." –Leslie White, Redfin Agent
"Back for the third time? Steady stream of agents through again." –Polly Bomstein, Redfin Associate Agent
"Huge property with tons of potential, but needs a lot of work. Will be a huge bidding war here; only owner-occupants can bid until 12/6. –Leslie White, Redfin Agent
"So many agents going through we should have a party! Needs absolutely everything, but the opportunity is here. Can't wait to see what it finally sells for." –Polly Bomstein, Redfin Associate Agent
"Ground floor is set up as a separate one bedroom apartment. The top two floors are more open with room to expand the kitchen should one wish (it needs kitchen appliances at least as there are none upstairs). The master bedroom has very tall ceilings and a master bath with double sinks, whirlpool tub, and shower. The back room on the third floor is accessed through a bathroom. Some water damage is evident to the front of the house. There's no power, so try to see this during the day." –Stuart Naranch, Redfin Associate Agent
· Listing: 825 4TH St [Redfin]
· Redfin [OfficialSite]