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6935 Pineway
University Park, MD 20782
Alex Heitkemper with Greater Silver Spring, original listing - (888) 536-0216
$845,000
Conventional
Property
Bedroom
6
Bathroom
Full: 4, ½: 1
Property Type
Conventional
Square ft
--
Property Description
Location! Location! Location! Beautiful colonial perched at the entrance to University Park. Just blocks to Trader Joes, Whole Foods, Metro, parks, UMD Campus, and much much more. This 6-bedroom home has plenty to offer with a wonderful layout. As you enter the home you'll find a generous sized foyer, a full bath and half bath along the hallway that leads you into a large country style kitchen with plenty of storage and counter space. There is a formal living room at the front of the house that is flooded with natural light. Also, on this level is a separate formal dining room and family room. The family room and living room share a fabulous back to back brick fireplace that is a central feature in both rooms. Just off the kitchen, the two-car garage has been converted into a mud room and two bedrooms. The upper level is a traditional 4-bedroom 2-bathroom layout including a primary bedroom with an ensuite bath and walk-in closet with plenty of storage. The lower level has a spacious recreation room with fire place. There is also a nice flex room that could be used as storage, an office or a work out room. Also on this level is the laundry area, two water closets, two shower closets and a separate entrance to the outside via steps and a bilco door. Alley access to the driveway provides plenty of off-street parking and the rear paved area could be used for additional parking or a patio. Freshly painted, hardwoods on the main and upper level, newer roof.
Property Information
Lot Size
0 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
1982
MLS Number
--
Location
Address
6935 PINEWAY
City
UNIVERSITY PARK
State
MD
Zip Code
20782
County
PRINCE GEORGE`S (METRO NORTH)
Listing
Name
Phone
(888) 536-0216
Office Name
Office Phone
(888) 536-0216
Agent Name
Alex Heitkemper
Agency Phone
(888) 536-0216

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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.