22 November, 2014

1209 North 46th Street, Seattle, WA 98103 (and why this house apparently just won't sell!)

Well, perhaps you already saw my blog a few weeks ago after we'd had to back out of our offer on this home (1209 N 46th St, Seattle, WA 98103), upon discovering that there is going to be a gigantic apartment building built right behind the house, with its concrete wall forming the back boundary of the house's property line, and the four stories of residential structure blocking all sunlight for a substantial portion of the year.

We were lucky to get out of that purchase before it was too late.

Shortly after we backed out, the house sold again. It couldn't have taken more than three or four days, before it was back to "Pending" again. This time there had been an open house, which probably meant there were multiple offers, and escalation clauses, and the like. And it probably involved waiving inspection, since that seems to be what everyone does (and it's so crazy risky on such a big decision, but that's a different story altogether). Weeks had passed, and the house was still Pending, so we figured some poor buyer had either not known about this development project, or they found out too late.

This morning, I did my usual obsessive peek to see if it had flipped from "Pending" to "Sold" and was surprised to see that it was back to being "Open House" again, relisted because the buyer's financing (supposedly) fell through. I would imagine that this meant the buyer found out about the construction, and then found whatever means they could to get out of the purchase. I could be wrong. I recognize that. But something tells me I'm not wrong.

So now it's a "Third Chance" for some (unlucky) buyer to end up owning this lemon of a house (feel free to ping me if you want to know the other things that we learned on the inspection, and save yourself a little trouble).

If I were the current owner, I would seriously consider firing my realtor (who happens to be Paul Isenburg of Windermere), because this cannot have been the wisest strategy for dealing with a property that has these issues. It was located in a highly desirable neighborhood, but now it's been on the market for 38 days with 2 offers having imploded. It gets harder and harder to sell a house the longer it's on the market.

It might have benefited the seller to just disclose the construction project and position it as a great rental investment, or a great place for young couples interested in a bustling neighborhood, instead of continuing to try to pretend that there's not a giant shadow (literally and figuratively) looming over this property.

Chances are that the property will once again be "Pending" after this weekend's open house, because there are lots of people in this town, and there's really not any way of knowing about this construction unless you do your research. That's why it's so important not to waive the inspection period.

And chances also are that, given the 3-6 weeks time that typically elapse between making an offer and closing a deal, whoever is next to purchase this home will also have ample opportunity to eventually stumble upon the information that a scrupulous seller would disclose on the Form 17 in that little checkbox next to:

G. Is there any study, survey project, or notice that would adversely affect the property?

They could at least have the decency to say "Don't Know" instead of "No."

Wouldn't you think?