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605 Putnam
Wakefield, MI 49968
SUSAN FELDHAUSER with NORTHERN MICHIGAN LAND BROKERS, original listing - (906) 225-5263
$250,000
Conventional
Property
Bedroom
4
Bathroom
Full: 2
Property Type
Conventional
Square ft
1425 Square Feet
Property Description
Amazing historic home situated in the heart of Wakefield that has been beautifully updated while maintaining its historical character. Original wood work and cabinet hardware, hardwood floors, high ceilings, and the staircase add a touch of elegance and warmth. This gorgeous four bedroom, two bath home has a view to the north of beautiful Sunday Lake. As you enter the house from the side, a staircase goes down to the basement, and a couple steps up lead you to the first-floor full bathroom. The bright and cheery kitchen, complete with new countertops, features a peninsula with an eat-in kitchen area that opens into the formal dining room. The dining room has a built-in corner China cabinet. Off the dining room is a bedroom that is currently being used as an office. As you walk through the curved opening into the large living room, you are taken back in time. These rooms all have new drywall and paint. Heading up the curved staircase, you will find 3 bedrooms and a full bath with claw foot tub. Many updates have been made with new drywall and paint throughout. The full basement is clean and dry with plenty of storage, laundry facilities, and a workshop area. There is a one car detached garage with a paved driveway. The yard has many different flowers, fragrant perennials and trees, along with a nice sitting area with great shade. Without a doubt, your green thumb will be happy here. The front porch also is a great sitting area as well as the added-on side porch with a screened entrance. In over 100 years this home has had only had 4 owners. Will you be the next caretaker? If you dream of walking to Sunday Lake, biking around the lake or on the trails, or having the kids stroll to school, don't miss the chance to make this historic house your home.
Property Information
Lot Size
0 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
1895
MLS Number
--
Location
Address
605 Putnam
City
Wakefield
State
MI
Zip Code
49968
County
GOGEBIC
Listing
Name
Phone
(906) 360-2891
Office Name
Office Phone
(906) 225-5263
Agent Name
SUSAN FELDHAUSER
Agency Phone
(906) 225-5263

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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.