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OK, Mrs. Friendly found a home for "short sale" at an amazing price. The home is 4033 SF on 2+ acres in a gated community and comes fully furnished (including big TV, pool table, beds, linens, etc.) Similar homes (unfurnished, of course) in the same neighborhood are selling for over $600K. This one is listed at under $300K.
The community abuts a wilderness area that will never be developed, leaving excellent long range views. The roads in are well maintained and not that steep (compared to others we have examined). It is between Black Mountain and Old Fart (tic) off Rte 9 ... a perfect spot in many ways.
It sounds too good to be true and so warning sirens are going off in my head.
We have to get an agent to show it to us because we can't get through the gate to the community. I can't show pics because they are all from an agency selling the home - I have none of my own - and advertising is forbidden on this board. If we get in and I can take some pics, I will post them.
what will you be doing with 4033 sqft ? Isn't it just you and your wife ?
but well, if you like playing hide and seek, cleaning, dusting, and high energy bills ... why not ?
weren't you considering a green built home three weeks ago with all the eco-friendly benefits of a small 3/2 house ?
sorry, just wondering how flexible you are ... or desperate ?
what will you be doing with 4033 sqft ? Isn't it just you and your wife ? yep
but well, if you like playing hide and seek, cleaning, dusting, and high energy bills ... why not ? we'll see what it looks like first
weren't you considering a green built home three weeks ago with all the eco-friendly benefits of a small 3/2 house ? yep
sorry, just wondering how flexible you are ... or desperate ?
desperate, flexible, patient, eclectic, confused, old... all of the above
Guy - There have been lots of posts on this forum about HOAs and development living - I know you will do your due diligence regarding what parameters the neighborhood is bound by. Looking forward to seeing the house.
I say GO FOR IT! Is it an established community? I've been thinking about the other house and you said the builder maintains the community road till the homes are sold (which could be never) Well, if that is how he maintains the road while he is selling houses, I'm NOT impressed. You saw it after a warm weekend and it was NOT maintained, imo. BTW, my house in 2005 was a short sale before ANYONE EVER heard of a short sale....patience is the key, even if you are paying cash. As long as you are going to see this house w/ a Realtor, make sure she REPRESENTS YOU....you don't have to sign a long term commitment but I strongly advise working w/ a Buyer's agent familiar w/ short sales. Good luck, my short sale took 5 months till closing but you know how happy I am and I knew this was tge house of my dreams so it was worth waiting for! Keep us posted! Annie
I would not be scared away by the fact it's a short sale, but by the size. but who knows, maybe they counted basement, garage and shed sqft in
today most of people try to downsize, so maybe that's your chance, that you don't seem to mind maintaining and heating/cooling a huge house. we saw soooo many big homes, on the market, which did not sell for exactly this reason (besides other, smaller issues).
I would not be scared away by the fact it's a short sale, but by the size. but who knows, maybe they counted basement, garage and shed sqft in
today most of people try to downsize, so maybe that's your chance, that you don't seem to mind maintaining and heating/cooling a huge house. we saw soooo many big homes, on the market, which did not sell for exactly this reason (besides other, smaller issues).
We WERE looking to downsize, but this home is so perfect in so many ways. Yes, they counted the basement - it is finished (and furnished). Looks to me like a "walkaway" home where they owners couldn't afford it and just left.
I talked with my agent today about the history. It started at $545K 403 days ago. In Dec it was over $325K. Now it is $295K. The banks are getting antsy about selling, I think. They have carried it too long.
Short sales can be an amazing deal. My secretary in NOVA got a $450K house for about $240K on a short sale. The main issue with them is dealing with the bank since it can take forever to get someone there to make a decision and sign the contract. I would have loved to have been able to look for a foreclosure or short sale but we didn't have the luxury of time--we sold our house in Sept and had to move out by Dec 1 so time wasn't on our side. We also only had time for one short house buying trip. You on the other hand have time on your side as long as the Parkies don't kick you out. The main concern I would have is what are the utilities like and also the taxes, especially if its in the city of Asheville. Remember that they will tax you on assessed value not the short sale value. Look also at the cost to heat/cool a place that big, although you can shut off ducts in rooms you don't use. I doubt that you will be able to get utility history costs since the previous owners are probably long gone but you should be able to estimate them. Finally what about HOA fees. I'm sure you've thought of all these but just in case..... Good luck wiht this one, sounds like a steal--Larry
Guyfriendly, what subdivision? I'd like to see some pics, that would be awesome if you are able to post some at some point. It could be true that the home may have been in the $600ks and now selling for $295k. My house (but I'm in FL) is worth less than half of what it was in 2006. The thing with a short sale though, the potential buyer has to be patient. It could take 6 months for the paperwork and the banks to accept your offer - or anyone's offer. We are in the process of short-selling our house in FL, and I can answer questions for you if you need me to. I can probably answer some of them. Look out for missing fixtures, etc... some people (like us) take excellent care of the home while trying to sell, some folks just walk away and take everything they can.
*snip* The main issue with them is dealing with the bank since it can take forever to get someone there to make a decision and sign the contract. *snip* You on the other hand have time on your side as long as the Parkies don't kick you out.
Yes, and since the Parkies are angels, I have angels on my side.
The main concern I would have is what are the utilities like and also the taxes, especially if its in the city of Asheville.
It is not in Asheville nor is it in an area likely to be annexed. In fact, I believe it is just over the county line in McDowell County. (Funny, we lived just off McDowell Road in Mesa AZ)
Remember that they will tax you on assessed value not the short sale value.
I got the tax history: $2,600 per year which is about $400/yr more than we paid in AZ for a house 50% larger than we had there.
Look also at the cost to heat/cool a place that big, although you can shut off ducts in rooms you don't use. I doubt that you will be able to get utility history costs since the previous owners are probably long gone but you should be able to estimate them.
This is a big issue. If the house faces south and we can get natural solar heating through windows, that will help. Shutting off the upstairs bedrooms except when we have guests is a likely option we already discussed. Fireplaces can also add heat, although propane can get expensive, too.
Finally what about HOA fees.
I read all the HOA by-laws and CC&Rs. The annual assessment per lot is $400. Yes, $400 per YEAR. That is awesome. Enough landowners to reduce costs for each.
I'm sure you've thought of all these but just in case..... Good luck wiht this one, sounds like a steal--Larry
Thanks, Larry. It is a steal, but it might not be a realistic one. This will be something we pursue part-time (as we can) while we keep searching other options. It would be awesome to get though.
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? Isn't it just you and your wife ?
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