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116 Spanish Oak Road
Bristol, TN 37620
$688,888
Conventional
Property
Bedroom
4
Bathroom
5
Property Type
Conventional
Square ft
5600
Property Description
BEST OF ALL WORLDS- 116 Spanish Oak is simply stunning. A private wooded estate over an acre in size, in a quiet, highly desired neighborhood with underground utilities, so no power poles, no wires, no mowing & no HOA! Walking into this elegant home's large, open 2 story entryway, you'll feel like you've just won the house lottery. A mirrored wet bar, made for entertaining, with full sink & beer tap leads to the bright, spacious, dream kitchen with all stainless-steel appliances, custom cabinets, granite floor & counters, bay window sink, huge island & breakfast area looking out into a large, attached greenhouse. Talk about natural light! Lots of private outdoor deck space and patio area. A matching laundry room off the kitchen full of cabinets, granite floor & counter, with separate sink. The 1/2 bath off the kitchen has a carved wood vanity & matching granite. A vaulted ceiling ballroom sits off of the entry with solid oak floors, large gas fireplace, lots of windows & space for large gatherings. A formal dining room with Schonbek chandelier & sconces fit for royalty & formal living room with its own bay window & gas fireplace are perfect for a quiet retreat. Of the 4 upstairs bedrooms, the Master has a walk-in closet, full bath with Kohler Spa tub & a private balcony. The hall bath is like a private Spa with granite floors & counters, & an oversized, enclosed tub with several showerheads, steam sauna, and Jacuzzi, all while playing music. A 1/2 bath off of one bedroom makes it a perfect guest room or office. A full, newly carpeted basement has its own separate entry from the garage & boasts a full bath, fireplace & huge entertaining area, perfect for playing pool, football parties or a luxury guest suite. Plenty of adjacent storage rooms as well. A 2 car garage and a large parking area, completes this gorgeous home, all conveniently located minutes from King University & downtown Bristol. It is definitely a must see!
Property Information
Lot Size
1 acre(s) square ft
Property Type
Residential
Year Built
1988
MLS Number
9959008
Location
Address
116 Spanish Oak Road
City
Bristol
State
TN
Zip Code
37620
County
SULLIVAN
Listing
Provider
WATKINS HOME TEAM, original listing
Name
WATKINS HOME TEAM
Phone
Office Name
Watkins Home Team
Office Phone
(423) 302-0675
Agent Name
Patrick Watkins

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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.