Tuesday, May 17, 2011

159 Waterford Dr Mooresville Sold

This home off Isle of Pine Road in the Pine Isle subdivision just closed for $315,000. Square footage is 2,735 and the home comes with two deeded boatslips and has waterviews. The home was a foreclosure and owned by Community Trust Bank out of Ashland, KY. This home was originally built in 1992. It was a re-sale in 2002 for $324,000. Then again a resale in 2006 at $435,000, again in 2007 at 469,900. The home was for sale again in 2008 at $515,000 withdrawn at $499,000 foreclosed on and put on the market in March at $349,900. The home was under contract at $340,000 yet it was appraised at $315,000 and the bank moved the price and got rid of inventory at $315,000.

The Point I bring up here is twofold first the home obviously wasn't worth $515,000 back in 2008 and the seller perhaps could have avoided foreclosure by being realistic about the pricing. I have had many listing appoinments where the sellers are unrealistic with their pricing and they end up hiring the realtor who in many cases comes in with an agreeable unrealistic price and the house doesn't sell or the realtor kepps walking them down in price. I also have had appoinments where I will not take the listing because the seller is unrealistic and for me I don't want to risk my reputation. It's sad to see so many homes lost to banks when those same homes priced right could have sold. The second point I bring up is appaisals are coming in at realistic prices. If you are planning to put your house on the market think about a professional appraisal, it might not agree with what you think your house is worth but I've been agreeing with more appraisers, not homeowners lately.

On the other hand I currently have two foreclosures under contract that are awesome deals for my buyers. In fact, the home inspector I used after conducting a 6 hour inspection, said to me "wow, where do you find these homes" what a deal. That's what I do for my buyers we find the right house at the right price. I refuse for my buyers to overpay.
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