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573 County Road 62
Riceville, TN 37370
$890,000
Conventional
Property
Bedroom
3
Bathroom
3
Property Type
Conventional
Square ft
2867
Property Description
Ask yourself, are you tired of the hustle and bustle of city life? Are sick of the noise and longing for peace of mind? If the answer is yes to either of these, then welcome home! Classic country living with wide open spaces yet only 15 minutes from Riceville exit on I-75. This property is halfway between Chattanooga and Knoxville, and it is nestled between the Smoky Mountain National Forest and the Appalachian Mountains. This home is nestled in the middle of 10.94 acres, with 9 of those acres being usable pastureland. It is perfect for planting crops or raising animals. There are two spring fed ponds on the property, as well as three stables, a 3500 square foot two story barn, and a 12x24 building that is already framed to be a guest house or mother-in-law suite. The property also has it's own well and septic system, as well as multiple water spickets throughout the property. Two of those spickets supply the stables and barn with water. The barn is also wired for electric. Bradford Pear trees line both sides of the driveway creating a short, but incredible view of the property. There is also a large chicken coup on the property. As you make your way up the paved concrete driveway, you will notice that the front five acres of pasture and the homestead portion of the property is separated by wooded barrier. This creates a natural barrier providing seclusion from the roadway. As you pass beyond the wooded barrier you will notice a large circular driveway, leading up to the main entrance of the 3500 square foot home. The home itself is 2,860 feet under air with the additional square footage being a large sunroom and two car garage. The home has a loft as well as a master suite and two guest bedrooms. There is a dining room as well as a breakfast nook. The Livingroom has a large wood burning stone fireplace as its center focal point and all new wood plank flooring. The master suite has a large standup shower, as wel
Property Information
Lot Size
10 acre(s) square ft
Property Type
Residential
Year Built
1993
MLS Number
20240756
Location
Address
573 County Road 62
City
Riceville
State
TN
Zip Code
37370
County
MC MINN
Listing
Provider
Crye-Leike, REALTORS, original listing
Name
Crye-Leike, REALTORS
Phone
(423) 892-1515
Office Name
Crye-Leike REALTORS - Cleveland
Office Phone
(423) 473-9545
Agent Name
Jannis Sams

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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.