August 21, 2016

400 JORDAN AVENUE Spencer, NC ~ For Sale with Greg Rapp

400 JORDAN AVENUE Spencer, NC is for SALE!!!

Not everyone is looking for the 'McMansion'!  Many don't mind...and even seek out...the modest, and AFFORDABLE, home! And here it is!

400 Jordan Street is a foreclosure. Don't walk away just yet! This doesn't mean that it's a hopeless case!

Roughly 7 million Americans lost their homes during the Great Recession. Now, seven years on, the first wave of those consumers might be ready to dip their toes back into the housing market, as their credit reports are finally clean of that negative entry. The group has been dubbed “boomerang buyers.”

400 Jordan Street is a good, solid home located on a wonderful corner lot in historic Spencer, home to the North Carolina Transportation Museum. This cute 3 bedroom/2 bath home offers a large master suite, an updated kitchen, a wonderful glassed-in sun porch and single car garage.

The partially fenced yard includes a storage building. Large old-growth trees shade the 1/3-acre yard.

There are pros of buying a foreclosure.  You may be able to purchase a home at a lower-than-market-value price. 400 Jordan Avenue carries a tax value of over $76,000 ~ yet is on the market at under $40,000!  Foreclosures can be found at all sorts of price points (starter homes, luxury homes, etc.) and sometimes are only in need of minor repair or upgrades.

With some sweat equity, repairs and upgrades, a homeowner can turn a foreclosure into a home and see some appreciation in the property's value.

With a little bit of elbow grease, 400 Jordan Street is the PERFECT starter home, with it's solid bones and good location.

What Makes a Foreclosure a Good Deal

When you are about to purchase a foreclosure, consider these 5 things:
1. “I love the property” is what you say after you’ve viewed it, driven the neighborhood, and investigated the property fundamentals. You love it because it is very close to exactly what you were hoping for in becoming a homeowner, or rental property owner.

2. “I plan to own it a long time” is what you say when asked. Regardless of how great a deal you think you are getting, the break-even point in ownership is really about five years. If you aren’t going to own it that long, you are most likely better off staying a renter. Remember the three most important words in real estate: long-term ownership

3. “It’s in pretty good shape” is what you say when your friends ask about the physical condition of the property. The vast majority of buyers have wildly low expectations of how much it costs to renovate a property. Renovations usually cost a lot more and take a lot longer than one believes, so let the contractors buy the fixer-uppers.

4. “The price is in line with comparable recent sales in the neighborhood” is what you find out when you do a comparable market analysis of nearby properties. Remember, if it sounds too good to be true, it probably is.

5. “Most of the nearby houses are occupied” by owners, or at least renters in the area. (Leonard Baron, MBA, Zillow Porchlight, '5 Signs a Foreclosure is a Good Deal', August 1, 2011

Call Greg Rapp with Wallace Realty to see the deal at 400 Jordan Avenue. Turn this foreclosure into a home and see some appreciation in the property's value! Call Greg at (704) 213-6846 today!

Greg Rapp 
Wallace Realty Co. 
704 213 6846 Mobile 
704 636 2021 Office 

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