Jonathan Bowen Real Estate, LLC (herein referred to as “We”) is proud to announce that we’ve represented the seller in the sale of 60 Hollingsworth Street, Mattapan (herein referred to as the “Property”). The sale closed at $410,000 which was $11,100 or almost 3% above its most recent asking price of $398,900. The seller was Dromerin Realty Trust and the buyers were Neville and Gloria Batson. The sale, although successful, was a relatively long and arduous process.
We first listed the Property on June 3rd, 2013 for $365,000 when it was just a vacant lot. We raised the price on June 5th, 2013 to $369,900 and the listing agreement expired on October 4th, 2013. There was no serious interest in the Property at any time throughout its time listed on MLS Property Information Network’s Pinergy (herein referred to as “Pinergy”).
We again listed the Property in Pinergy on March 3rd, 2014 for $369,900 and quickly put it under agreement on June 6th, 2014. The negotiations with the buyer failed so the Property was withdrawn from Pinergy on July 2nd, 2014. The listing agreement expired on September 4th, 2014. The informal decision was then made that the home would be built before attempting to sell it again on Pinergy.
The Property was over 85% complete by March 25th, 2015 so We, once again, listed on Pinergy at $399,900. We received a lot of initial interest in the Property but we weren’t receiving the offers that we’d hoped for. The Property was over 95% complete by June 12th, 2015 so We made the decision to reintroduce it to the market by refreshing the listing with updated photographs and a nominally lower listing price of $398,900. It’s a wonder what newly sprouting green grass can do.
We had received a few offers below the initial $399,900 asking price but then three offers streamed in, as so often happens, between June 23rd, 2015 and June 30th, 2015 and We, as the seller’s representative, found ourselves in a bidding war which, as you can imagine, was extremely advantageous to the seller. All three offers ended up at or above $400,000. We accepted an offer on July 1st, 2015. We changed the status in Pinergy to Contingent (CTG) on July 6th. That deal fell apart because that buyer needed to sell a property located in Roxbury in order to buy Hollingsworth Street. That ordeal could be another story for another post but We’ll probably keep that story tucked away.
We went back to the other two real estate agents that represented the other two buyers and the seller finally signed a purchase and sale agreement with the eventual buyers, Neville and Gloria Batson, so We changed the status in Pinergy to Under Agreement (UAG) on July 27th, 2015. The deal continued to have issues, not because of the buyers or because of the seller, they were both as cooperative and patient as possible, but due to the buyers’ bank, Citizens Bank, not being able to get the loan closed on August 27th which was the date specified in the purchase and sale agreement as the original closing date.
As an aside, I’ve been selling real estate in Boston’s neighborhoods for fifteen years and I’ve never had a good experience with Citizens Bank. I’ve had to physically walk into the Upham’s Corner branch in the past and into the Jamaica Plain branch, most recently, because the loan officers that I was dealing with simply weren’t responding to my repeated contact attempts for updates. You can imagine my frustration.
I recommend that you work with loan officers like Mark Zarse at Blue Hills Bank or mortgage brokers like Patrick Queally at Direct Finance Corporation but, with that being said, it’s important to work with the right loan officers or mortgage brokers within any particular lending institution because they’re not all built the same. I would not recommend any buyer to work with the mortgage departments at Bank of America or Citizens Bank; I’ve had awful experiences with the mortgage departments of both banks throughout my real estate career.
The purchase and sale of 60 Hollingsworth Street, Mattapan closed on Friday, September 11th. Attorney Jeffrey A. Miller represented the seller, Dromerin Realty Trust. Attorney Martin J. Keogh represented the buyers, Neville and Gloria Batson. Attorney Steven R. Ceprano represented the buyer’ bank, Citizens Bank. All three attorneys did a nice job in representing their clients.
Below is the complete list of condominiums and single families that are currently for sale in Dorchester’s 02124 zip code, Hyde Park and Mattapan through Pinergy.
Jonathan Bowen Real Estate, LLC would like to represent you in the purchase and/or sale of real estate in places like Dorchester, Hyde Park and Mattapan. Please contact us so that we can give you the trusted advice and the solid guidance that you’ll need in order to ensure a sense of peace in your real estate transaction.