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165 Bankwood Lane
Lafollette, TN 37766
$924,900
Conventional
Property
Bedroom
2
Bathroom
5
Property Type
Conventional
Square ft
3200
Property Description
This dockable lakefront home was completely renovated 2022 -2023, and expanded into a 3200 sq ft ranch on Norris Lake in Big Creek cove. Septic permit is for 2 bedrooms, but leach lines were extended during the renovation, and the home has accommodated many large groups in space equivalent to 5 bedrooms all season since rentals began in 2023. Main level cathedral ceilings in the spacious, open concept living room gathering space offers a vent-free gas log, floor-to-ceiling stone fireplace. Loads of great room natural light, and opens to a first floor master suite sharing a full bath with 2nd bedroom. There is a big bunkroom in the converted garage. On the same level, come love the entertaining space in this open chef's kitchen, with loads of cabinets, a huge island, with built-in cooktop, and a countertop serving bar with pull up seating. There's still more - a 2nd full bath, plus formal dining area, laundry room and 360 sq ft storage room in the remainder of the side entry garage. Downstairs, another family room opens to a dining / kitchenette area and second decorative stone fireplace - which also offers 3 more large bonus rooms, each with its own adjoining full bath. All new drywall, flooring, fixtures, complete bathrooms, bunkroom, interior doors, recessed lighting, ceiling fans and so much more. Feels nearly like a new build! Views to the woods and lake are coupled with streaming natural light across the full width decks on both levels - and the upper deck is partially covered by a cathedral ceiling roof as well. See the updated floorplan with dimensions provided, can sleep up to 22 with the new layout. Stone-dressed foundation and retaining wall. Wooded 1.66 acre private lot, with a graveled no-steps walkable path to the waterfront's brand new dock, where a single slip opens toward main channel. Out by the covered front porch there's a huge graveled pull-through driveway nearly the full width of lot, 12 x14 shed, large permanent propane tank and loads of paved parking near the garage as well. Couple Notes 1. Furnishing and decor negotiable separately - price is for the home itself, the dock, grill, electronics and appliances. 2. Just opening the 2024 rental calendar - See vrbo.com/3001464 3. Metal roof is original, still lots of life in it!
Property Information
Lot Size
1 acre(s) square ft
Property Type
Residential
Year Built
1994
MLS Number
1238343
Location
Address
165 Bankwood Lane
City
LaFollette
State
TN
Zip Code
37766
County
CAMPBELL
Listing
Provider
Tennessee Home Finders LLC, original listing
Name
Tennessee Home Finders LLC
Phone
(513) 470-8785
Office Name
Tennessee Home Finders, LLC
Office Phone
(423) 494-0084
Agent Name
Tom Sturm

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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.