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37961 Forest Mills
Lincoln, VA 20160
$2,895,000
Conventional
Property
Bedroom
5
Bathroom
3
Property Type
Conventional
Square ft
5301
Property Description
Hedgewood Circa 1835 Immerse you and your family in Virginia History. Hedgewood Farm is located minutes south of the village of Lincoln, VA, and less than 40 minutes to Dulles airport; offers the opportunity to experience country life steeped in history with all the modern conveniences. The farm has 49.8 acres of fenced rolling farmland in three tax parcels, all in a conservation easement with the Virginia Outdoors Foundation. The farm offers a Main House with 7 fireplaces, 5 bedrooms, 2 full and 2 half baths, a pool, a manager's house, a tenant house, 4 stall barn, and Bank Barn. Inside the main home, you will find a large gourmet farm kitchen with all the amenities to entertain and host your friends and family. A large front porch and terrace offer additional outdoor entertaining spaces where you are surrounded by beautifully landscaped gardens, which have been on the Virginia Historic Garden Tour. The lower level is partially finished with temperature controlled wine cellar, media room, mechanical and storage areas The tenant or guest house has been newly renovated and has 2 bedrooms, 2 baths, a Kitchen, living space, a living room with a fireplace, and a porch. The manager's cottage offers 2 bedrooms and a bath. The Outbuildings include a large banked barn with a workshop and storage, a 4-stall stable with hay and storage, water, and electricity. Hedgewood Farm is located in the Goose Creek Historic District and is also in Middleburg Hunt Territory. Floor plans are available in the documents.
Property Information
Lot Size
49 acre(s) square ft
Property Type
Residential
Year Built
1835
MLS Number
VALO2066722
Location
Address
37961 FOREST MILLS
City
LINCOLN
State
VA
Zip Code
20160
County
LOUDOUN
Listing
Provider
Sheridan-Mac Mahon Ltd., original listing
Name
Sheridan-Mac Mahon Ltd.
Phone
(540) 687-5588
Office Name
Sheridan-MacMahon Ltd.
Office Phone
(540) 687-5588
Agent Name
lynn Wiley

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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.