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309 East Main Street
Abingdon, VA 24210
Carol Jones with Berkshire HHS, Jones Property Group, original listing - (423) 989-4100
$379,000
Conventional
Property
Bedroom
2
Bathroom
Full: 2
Property Type
Conventional
Square ft
1276 Square Feet
Property Description
This charming cottage located in the Historic district of Abingdon is situated in a very walkable and popular section of downtown. Known as ''The R.J. Summers Home, the first owner was elected Commonwealth Attorney in Washington County the year the home was built. The neighborhood boasts many fine restaurants, and the trailhead of the Virginia Creeper Trail is only a block away. Barter Theatre and The Martha Washington Inn are also just a 10-minute walk along the bricked sidewalks. The floor plan includes a large living area, formal dining room, and spacious kitchen, along with two-bedroom suites. Outdoor area includes a covered front porch, a screened back porch and a perfectly level lot. The home has been extensively remodeled by the current owners while retaining its original charm. A larger bath was added, and the existing bath was enlarged. Plumbing and electrical systems were replaced, and central heat and air were added. The kitchen was remodeled with cabinetry built by local craftsman Joel Harte, stainless-steel appliances, and new flooring. Original features include solid wood doors, a leaded glass front window, a built-in corner dining room cabinet, and refinished floors. The ceiling height 9 throughout, providing open feel. The property has been used as a vacation rental for many years. Upon approval from the town and county, this home would be a perfect investment opportunity to continue that business. Call today for your private showing.
Property Information
Lot Size
0 acre(s) square ft
Property Type
Residential-Single Family Residence
Year Built
1906
MLS Number
--
Location
Address
309 East Main Street
City
Abingdon
State
VA
Zip Code
24210
County
WASHINGTON
Listing
Provider
Berkshire HHS, Jones Property Group, original listing
Name
Phone
(423) 989-4100
Office Name
Office Phone
(423) 989-4100
Agent Name
Carol Jones
Agency Phone
(423) 989-4100

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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.