Buying A Foreclosure In Charlottesville – How Much Should I Offer?
In the current real estate market I am often approached by folks who are interested in purchasing a foreclosure. Bank owned properties can provide the opportunity to purchase a home at a discounted price. However people are often surprised at what exactly that price may be.
You have been hearing on tv about the glut of foreclosures. You know that the banks need to get these homes off their books. So it makes perfect sense that they would be happy to get anything for the properties just to get rid of them…wrong. The banks want to get as much as they can for the properties. They have a figure that they want to get for the home. The home has been priced according to a brokers price opinion based on market value and condition. This is usually less than comparable resales that are on the market. The Charlottesville foreclosure is already discounted and the bank usually will not take 30 cents to the dollar on this discounted price.
When the home comes on the market as a REO it is listed at a price based on a BPO. If there has not been an acceptable offer, the bank will periodically reduce the price. When the price of a bank owned home becomes attractive, offers come in. It is not unusual to end up with multiple offers and we will see the home end up selling for over the list price.
This graph shows the sold to list price ratio of foreclosures in the greater Charlottesville real estate market. Note that this ratio is based on the sale price as compared to the original list price, not the final reduced price. You can also see how much lower the REOs are selling for compared with the conventional sales.
As you can see the foreclosures in the Charlottesville real estate market are selling on average for approximately 82 – 88% of the list price. Yes, you can make an offer, but don’t expect to be able to get the property at 1/3 of the list price. I am not saying that it never happens, but it is not at all the norm.
Copyright by Pam Dent all rights reserved “Buying A Foreclosure In Charlottesville – How Much Should I Offer?“ Written by Pam Dent.
Charlottesville Country Home With The Best Views – 96 Ledges Lane
Amazing Views
Can you imagine looking at these views every day? This Charlottesville country home located at the top of Afton Mountain features spectacular views across the Shenandoah Valley. The home is located across the Swannanoa Golf Course from the Blue Ridge Parkway on a secluded wooded lot at the end of a cul de sac. This setting will appeal to golfers and nature enthusiasts alike. The parkway abounds with hiking trails and the Wintergreen Ski Resort is just down the road. At the same time the home is convenient to Charlottesville and Waynesboro.
Paradise in the woods
Home at the top of the world
This 3 bedroom 3 bath home sports vaulted ceilings, skylights, and spacious light filled rooms. The home was designed with opportunies to enjoy the spectacular views from every floor and the multiple decks offer ample space for outdoor entertaining. Priced at $310,000 this Charlottesville country home is not to be missed!
2285 Antioch Rd. is a 194 acre property that is ideally suited for a Charlottesville equestrian property. The land is a combination of open fields, lush pasture and mature hardwoods. There are three homes that offer rental possibilities or housing for farm workers.
A Charlottesville Seniors Real Estate Specialist Can Assist Equestrians
You may have heard of using the services of a seniors real estate specialist to help seniors with their transition as they downsize or move to an age restricted home. However an equestrian may not feel that a real estate agent with a SRES designation would be a good choice to help them. But what about if you could find a seniors residential specialist who was also a horse property specialist?
Helping Equestrian Seniors Move
Downsizing with horses has its own challenges. It may be a difficult transition if you are used to totally caring for your horses yourself. Or you may be used to having a large farm with many horses and are faced with whittling down the numbers to just a few. Your seniors real estate specialist – horse property specialist will guide you through your options. He will be able to assist you with the sale of your farm and find professionals who can help with packing and also the sale or donation of extra farm equipment.
Equestrian seniors may still wish to maintain their equestrian activity at some level. They may just wish to find a smaller farm with less acreage to take care of and an easier barn to work out of. Or a home in an equestrian community could be a good choice. Another option would be boarding your horses and letting someone else be responsible for the care. If you are from out of the area, a horse property specialist can help you find the barn that is closest to where you want to live that would be a good fit for you and your horses.
Downsizing with horses is a transition in an equestrian’s life and a Charlottesville seniors real estate specialist can help, especially if they are an equestrian property specialist as well.
Copyright 2011 all rights reserved by Pam Dent “A Charlottesville Seniors Real Estate Specialist Can Assist Equestrians“. Written by Pam Dent.
The price on this already well priced Charlottesville horse farm just got better. Hayground has just been reduced to $749,999. This property has everything that you need for a small professional quality horse operation or a state of the art set up for your private horses. You will appreciate the well thought out stable with rubber tile center aisle, 5 roomy stalls with automatic waterers, feed and tack rooms, a wash stall and overhead hay storage. There are two large fields and numerous paddocks with board fencing; three of which contain runin sheds. Plus there is a lighted dressage arena with rubber fiber all weather footing.
The comfortable country home has 4 bedrooms and 3.5 baths. There are two master suites, one on the first floor and one on the second. In addition there is ample space for family living and entertaining with a sunroom, family room, formal dining room, and formal living room. The full front porch and large rear deck allow space to enjoy the pastoral and mountain views. All this and a pool too!
Copyright 2011 all rights reserved by Pam Dent “Charlottesville Horse Farm – Hayground 3078 Burnt Mill Rd. Reduced“. Written by Pam Dent.
