Home for Sale at 604 W Webb Avenue, Burlington, NC 27217

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604 W Webb Avenue
Burlington, NC 27217

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Property Details

List Price:	$199,999
Beds:	9
Baths:	7
Status:	Active
SqFt:	5108
Agency:	Keller Williams Realty

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Description/Comments

Lot Size:	--
Property Type:	Residential
Year Built:	1910
Notes:	Back On The Market No Fault of the Seller. Investors & Builders, this is a unique investment opportunity. This property built in 1910 or earlier, located in the railroad district near downtown Burlington. 5,108 sqft on .528-acre lot, is being sold as-is and features both a partial basement and a crawlspace.<br /> Divided into seven units offering flexible rental configurations, four upstairs units consisting of 1 bedroom, 1 bathroom, and a kitchen each, and three downstairs units featuring 2 bedrooms, 1 bathroom, and a kitchen each. The inclusion of a partial basement and crawlspace adds further potential for development or storage options.<br /> Caution this property requires extensive rehabilitation due to years of vacancy. Certain areas of the property may pose safety risks, including weakened floors due to water damage. Be advised, and entry into specific areas is at one's own risk. The seller will not be liable for any injuries sustained on the property.<br /> Despite its current condition, this property presents an exciting opportunity for investors and builders with a keen eye for potential. By restoring this property, you can contribute to the preservation of Burlington's architectural heritage and the revitalization of the surrounding community.<br /> Convenient location close to downtown Burington, Elon University, hospitals, parks, shopping, entertainment, and restaurants.<br /> Send all offers with proof of funds to Stacy Rogers 336-501-5505 [email protected]; Co-Agent Chris Rogers 336-937-0837; [email protected]. Keller Williams does not hold earnest money. The Buyer's Agent handles verifying all schools.
MlsNumber:	10019767

Listing Provided By:	Keller Williams Realty, original listing
Name:	Keller Williams Realty
Phone:	(336) 263-6681
Office Name:	Keller Williams Central
Office Phone:	(336) 227-4433
Agent Name:	Stacy Rogers
Disclaimer:	Copyright Â© 2024 Triangle MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest.

The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered.

VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale.

This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments.

Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.

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