This bright 2100 sq. ft. Condominium with beautiful hardwood floors boasts an inviting living room with gas burning fireplace, formal dining room, and eat-in-kitchen. The second floor has three bedrooms, laundry room, master bath and main bath.
So here is the breakdown:
- The townhouse was purchased November 2002 for $460,000
- Original Mortgage was in November 2002 for $400,000
- The owner put an impressive $60,000 down for an approx. 13% down payment
- In March 2005 the owner took out a Home Equity Loan for $150,000 - and the sellers do not list any renovations.
- Listed for sale currently at a negotiable $585,000
The owners could have made approx $90,000 after closing expenses - but now will be lucky if they break even. Since the original mortgage was not an ARM they probably have a couple thousand dollars more to play with - but not much more.