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920740 Deer Ridge Trail
Wellston, OK 74881
$360,000
Conventional
Property
Bedroom
3
Bathroom
2
Property Type
Conventional
Square ft
--
Property Description
Two owner custom build on 2.5 (mol) acres - 3 bed 2 bath with study. Open living, dining, kitchen with study off front entry. One wall of study has floor to ceiling shelving made of the same knotty alder woodwork and crown molding throughout. Secondary bedrooms with good sized closets share a short hallway with the guest bath. Hallway and bath both have floor to ceiling storage built-ins. Metal insert fireplace with brick surround and wood mantle and accent wall. Triple windows in the dining area overlook the back acreage. Kitchen island made from railroad car wood stays. Master suite with walk-in closet with built ins and three tier hanging space. Master bath has walk-in tiled shower, double vanity and separate tub. Wood look tile flooring throughout. Only carpet is in bedrooms and study. Corian countertops throughout, walk-in pantry, tons of storage, custom cabinets and credenza. 10' ceilings in main living areas. Laundry room just off the 3 car garage has folding shelf and built-in coat / hat rack. No step entry through front and garage and wide hallways. Covered front porch and covered back patio are perfect for sunrise and sunset observations. 30 x 40 metal shop with concrete floor, electric, overhead door, and covered carport or RV parking. Quiet u-shape neighborhood with a stocked catch-and-release community pond just across the road. Wildlife often visits. Energy efficient home with low electric bill. Well and septic. Assumable VA loan below 3% interest for qualifying buyer. Seller is licensed REALTOR® Oklahoma License 176810.
Property Information
Lot Size
2 acre(s) square ft
Property Type
Residential
Year Built
2013
MLS Number
1093178
Location
Address
920740 Deer Ridge Trail
City
Wellston
State
OK
Zip Code
74881
County
LINCOLN
Listing
Provider
Providence Realty LLC, original listing
Name
Providence Realty LLC
Phone
(405) 205-5751
Office Name
Providence Realty
Office Phone
(405) 205-5751
Agent Name
Kandi Malphrus

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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.