Home for Sale at 35 Reservoir Hill Rd, Norris, TN 37828

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35 Reservoir Hill Rd
Norris, TN 37828

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Property Details

List Price:	$929,900
Beds:	4
Baths:	Full: 3, ½: 1
Status:	Active
SqFt:	7122 Square Feet
Agency:	EXIT Realty Pros
Agency Phone:	(865) 383-3948

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Description/Comments

Lot Size:	2 acre(s)
Garage:	Garage
Property Type:	Residential-Other
Year Built:	2003
Notes:	This is your private dream home located in the Norris community of Baxter Woods! Boasting over 7,100 sq ft, this home offers 4 bedrooms (with an option for a 5th), 3.5 baths, and a 3-car garage on the main level. You'll find ample extra storage and bonus rooms, along with additional living and great rooms. The finished basement provides extra living space and features a small kitchenette.<br /> <br /> Enjoy the huge heated and cooled workspace with double doors leading to the extra-large gazebo and a big fish pond with waterfalls, or transform it into your own natural swimming pool! Situated on 2 acres across from the wildlife refuge and hiking trails, this home offers tranquility and natural beauty.<br /> <br /> Additional features include central vac, parking for a 50 amp RV, and cherry hardwood throughout the home. The home also has a newer software system that controls the entire house. The back deck, made with composite decking, has some great spots to enjoy all that nature has to offer. There's also a newer hot tub on the back deck just outside the master bedroom.<br /> <br /> Recent updates include a new roof, all new ductwork, new HVAC units, a new generator, and new hot water heaters. The seller will offer a flooring allowance for the basement carpet with an acceptable offer. There is also enough brand new cherry hardwood flooring to complete the second main level bedroom.<br /> <br /> So much to love about this beauty! Schedule your showing today.
MlsNumber:	--
ListingId:	1279492

Listing Provided By:	EXIT Realty Pros, original listing
Phone:	(865) 383-3948
Office Phone:	(865) 383-3948
Agent Name:	Jesse Vose
Disclaimer:	Copyright © 2024 East Tennessee Realtors®. 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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