Short sale on Riversville reports a contract

Believe it when it happens

Believe it when it happens

347 Riversville Road, asking $795,000. Might happen, but it’s a short sale, and those are iffy. My partner Frankie Fudrucker has the patience to work through short sales but I don’t: you’re dealing with low-level bank employees in banks’ work-out departments, who are fired or quit every few months, forcing you to start negotiations all over again. Frank can do that, I refuse.

This isn’t a Lockwood & Mead deal, though, so I don’t know the status of the contract or how solid the deal is. Washington Mutual was foolish enough to loan $1.160 on the place back in 2007, but WaMu is long gone, and Chase owns the paper, doubtless purchased for pennies on the dollar. I’d think they’d be glad to get this property off their book, but with bankers, who knows?

An odd property, with a rocky hill leading to the Merrit Parkway above it and the usable land in front, but not all that bad and, even for Riversville, an affordable price that probably makes sense. Sort of.