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38 Sunset Loop
Tomhegan Twp, ME 04478
$775,000
Conventional
Property
Bedroom
2
Bathroom
2
Property Type
Conventional
Square ft
2240
Property Description
RARE MORTISE & TENON JOINT POST AND BEAM constructed in 2012. Home sits on 2 acres with 288 ft of owned shore frontage on Brassua Lake. Beams in the house & boards in the garage were harvested and milled in Lewiston, ME. Brassua Lake has numerous species of fresh water fish like brook trout, landlocked salmon, smelt, chub & cusk. Wildlife like moose & deer can be seen year round. Hiking, boating, swimming, ATV-ing, skiing, snowshoeing, snowmobiling, and just enjoying nature is what homeowners in the area love most. The home has 2 full bathrooms and currently sleeps 9-12 (septic is 2 bedroom). Open floor plan with cathedral ceilings. Numerous lake-facing windows allow tons of natural light into this fabulous year-round home. There is also a large garage with attached lean-to & storage above for all your summer or winter toys! There is a camper septic & electric hook-up for family or friends. 2 fire pits to enjoy! A deck that faces the lake & is perfect for morning coffee or evening grilling & relaxing. Whole house generator for peace of mind. Close proximity to all that the Moosehead region has to offer, yet more private. Limited house lots have been allowed on Brassua, so it won't be over-developed. Down by the lake you can see the US/Canadian Boundry Mountains - and there is only 1 camp visible across the lake! The lots were thoughtfully laid out, so there is tons of privacy. New custom kitchen cabinets were installed in December with a new counter being installed in January. This truly is a once in a life-time opportunity to own a pristine property in the North Woods of Maine!
Property Information
Lot Size
2 acre(s) square ft
Property Type
Residential
Year Built
2018
MLS Number
1579633
Location
Address
38 Sunset Loop
City
Tomhegan Twp
State
ME
Zip Code
04478
County
SOMERSET
Listing
Provider
ERA Webb Associates, original listing
Name
ERA Webb Associates
Phone
(207) 623-4182
Office Name
Better Homes & Gardens Real Estate/The Masiel
Office Phone
(207) 623-4182
Agent Name
Jolene Gamage

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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.