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202 S Main Street
Colerain, NC 27924
NANCY WINSLOW with Keller Williams Realty Points East, original listing - (252) 355-6000
$229,000
Conventional
Property
Bedroom
4
Bathroom
Full: 2
Property Type
Conventional
Square ft
3040 Square Feet
Property Description
Priced below appraised value. The Henry-Beasley House, c1820, is a two-story Greek Revival-style house sheathed with weatherboard and filled with charm and character. The two panel entrance door is surrounded by transom and sidelights. The first floor windows are nine-over-nine double-hung sash and the second floor windows are nine-over-six, most with original wavy glass, with fluted surrounds and Greek key motifs at the corners. Heart of pine floors throughout all the main areas and are in great condition showing off the natural beauty in the wood. The center hall/foyer is wide with high ceilings. As you'll see in the photos, there is plenty of room for displaying large antiques. The formal living areas on each side of the front door offer plenty of entertaining space with beautiful architectural features. A new chimney has been built on the left side, which helps set up the spectacular over 6' tall ornate mantle. The fireplace on the right side/den area is currently being used for a wood-burning fireplace. The large formal dining room features a ceiling medallion with prominent hanging chandelier. This room comfortably holds a table for 12 and very large antique side items. The kitchen on the back has been recently renovated to include new appliances and a working wood stove. Upstairs can be accessed from the back entrance off the kitchen and back door or from the front foyer. Here you'll find 4 large bedrooms, tons of natural light, a full bath with access to the upstairs front hall and the back landing. The laundry room is located downstairs off the kitchen. Outside features includes a beautifully crafted water feature, 5' tall black coated chainlink fence, and a two-bay, two-story garage with workshop. Protective covenants are attached to the deed with Preservation NC. This is a contributing building in Colerain's National register Historic District, making it eligible for historic tax credits. Call today to schedule a private showing.
Property Information
Lot Size
0 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
1820
MLS Number
--
Location
Address
202 S Main Street
City
Colerain
State
NC
Zip Code
27924
County
BERTIE
Listing
Name
Phone
(252) 355-6000
Office Name
Office Phone
(252) 355-6000
Agent Name
NANCY WINSLOW
Agency Phone
(252) 355-6000

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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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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.