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2 Stone Ridge Road
Waterville, ME 04901
Martin Norton with Keller Williams Realty, original listing - (207) 879-9800
$639,900
Conventional
Property
Bedroom
3
Bathroom
Full: 2, ½: 1
Property Type
Conventional
Square ft
5036 Square Feet
Property Description
BACK ON THE MARKET, through no fault of the property. Recently completely renovated spacious colonial home in a quiet subdivision, close to I 95, downtown, and all amenities. 3BR/3.5BA home on a well maintained 1.55 acre lot. Circular floor plan flows from room to room effortlessly. A covered porch entry opens to a mudroom and direct entry from the attached 2-car garage and half bath. The kitchen has granite countertops, custom cabinetry, wood paneled refrigerator, stainless steel appliances, large island with raised breakfast bar, and a tiled backsplash, new pendant lighting and undermount kitchen sink overlooking the backyard and patio area. Formal dining room with wainscoting paneled walls off the kitchen, large front to back living room and den with fireplace and direct access to the backyard patio. The front foyer is welcoming to anticipated guests. The turret room has a high ceiling, complex wood flooring pattern, sufficient windows for natural light and has custom built-ins is a truly unique feature of this home. The second floor has a large primary bedroom privately situated at the east end of the home featuring a large bathroom with a large jetted tub and shower. This room has beautiful hardwood floors. Two spacious guest bedrooms, laundry room, full bath with jetted tub, small library/office, private gym with a sauna, small sitting room with hardwood flooring, closet and walls of windows with southwestern exposure complete the second floor. Full, dry basement with utilities and storage. The basement has been converted to an in-law apartment with a private exit. Fully applianced kitchen, two bedrooms, bath, and extra closet space offers space for additional income. The finished basement has NOT been permitted by the City of Waterville. The driveway is paved, whole-home generator and established perennials, mature shrubs and trees line the property. Finished basement brings the square footage to just over 5000 square feet. Seller Concessions Available
Property Information
Lot Size
1 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
1988
MLS Number
--
Location
Address
2 Stone Ridge Road
City
Waterville
State
ME
Zip Code
04901
County
KENNEBEC
Listing
Name
Phone
(207) 408-6861
Office Name
Office Phone
(207) 879-9800
Agent Name
Martin Norton
Agency Phone
(207) 879-9800

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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.

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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.