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701 North Kentucky
Panama, OK 74951
$194,000
Conventional
Property
Bedroom
3
Bathroom
2
Property Type
Conventional
Square ft
2400
Property Description
LOCATION: Located in the city limits of Panama, Oklahoma, on State Hwy. 59. Panama is a small city that is approximately 9 miles north of Poteau, Oklahoma, county seat. This property is handy to Ft. Smith, Arkansas, the I40 corridor lends quick access to Tulsa, Oklahoma City and Dallas. The larger city of Ft. Smith, Arkansas, population about 80,000, is roughly 22 miles. Area points of interest include Cavanal Hill, Poteau River, Lake Wister State Park, Kerr Lake, the scenic Talimena Drive, Broken Bow, Hochatown, and the Ouachita National Forest to name just a few. LAND: This level tract of land is approximately .7 of an acre and fronts Hwy. 59 for approximately 150 feet. There is plenty of room in the rear for a garden and fruit trees if desired. There are mountain views in the distance. There is a storm shelter at the rear of the property that is not visible due to tree growth. SERVICES: OG&E Electric, city water, city sewer, mail delivery, AOG gas, internet. HOME: This traditional style brick home features roughly 2,400 s.f. of heated and cooled living area plus a 485 s.f. attached garage. The home was constructed in 1930 and features a pier and beam foundation, a metal roof and central electric heat and air. Features of the home include entry, an "L' shaped open kitchen, dining & living area, formal living room, large utility, three bedrooms, two baths, a rear covered patio and a double car garage. There is a covered front porch with white columns and a circular driveway. Room dimensions and descriptions include the following: FRONT PORCH: 8 x 35, Cement with white columns. ENTRY: 4.3 x 13.6, Ceramic and carpet, yellow textured walls. KITCHEN/DINING/LIVING ROOM: These rooms are in an "L" shape. The kitchen/dining is roughly 17.8 x 27. The room has carpet, white textured walls and ceiling fan with light. There is a 15' formica top bar with cabinetry that separates the kitchen from the dining area. The kitchen has inlay floors, oak cabinetry with formica tops, a dishwasher and double stainless sink. The living area is rougly 13.8 x 29.5, and has carpet, a brick front gas log fireplace with wooden surround and natural stone front, ceiling fan with light and double glass doors leading out to the rear covered patio. There is a large pantry off of this space. FORMAL LIVING ROOM: 13.3, 19, Carpet, yellow textured walls and triple windows. UTILITY ROOM: 6.7 x 17.6, Cement floors, large sink, washer dryer connections, hot water unit, and an exit door leading to rear yard. BEDROOM #1: 10.5 x 14.6, Carpet, white textured walls and ceilings, ceiling fan with light, double windows and large walk-in closet. BEDROOM #2: 10.5 x 11.7, White carpet, white textured walls and ceilings, ceiling fan with light and double closets. HALL BATHROOM: Inlay, green tub, single vanity with cabinetry below and mirror above, commode, pale green textured walls and ceilings. MASTER BEDROOM: 11.2 x 22.1, Carpet, pale blue/grey textured walls and ceilings, ceiling fan with light and double walk-in closets. BATHROOM: Inlay flooring, white textured walls, shiplap ceilings, tub, walk-in ceramic tile shower, double vanities with cabinetry below, and a huge linen closet. GARAGE: 20.6 x 23.5, Unfinished walls and ceilings, slab, electric garage door, wheel chair ramp. REAR COVERED PATIO: Slab and covered. TAXES: $677.87 PRICE: $194,000.00
Property Information
Lot Size
-- square ft
Property Type
Residential
Year Built
--
MLS Number
11264727
Location
Address
701 North Kentucky
City
Panama
State
OK
Zip Code
74951
County
LE FLORE
Listing
Provider
United Country-Mixon Realty & Auctions, original listing
Name
United Country-Mixon Realty & Auctions
Phone
(918) 647-9114
Office Name
United Country-Mixon Realty & Auctions
Office Phone
(918) 839-4717
Agent Name
Darali Mixon

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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.

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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.