Home for Sale at 246 Pratt Road, Newport, ME 04953

246 Pratt Road
Newport, ME 04953

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Property Details

List Price:	$350,000
Beds:	5
Baths:	2
Status:	Active
SqFt:	3000
Agency:	Coldwell Banker Residential Brokerage
Agency Phone:	(207) 478-1502

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Description/Comments

Lot Size:	33 acre(s)
Property Type:	Residential
Year Built:	1994
Notes:	Back on the market due to buyers moving plans changing! This is a must see property, situated on 33.4 acres of private woods, this home makes a perfect backwoods getaway or quiet home! Located only a short drive to downtown Newport and Sebasticook and Pleasant Lakes! The home has been tastefully updated and improved to provide a modern camp in a year round home. It is currently used as an Airbnb with a rental history, it is currently set up as with 5 bedrooms. There is also a 2 car detached garage with storage above. <br /> Snowmobile and ATV trails are close by and easy to access!<br /> Home Improvements:<br /> - Installed new flooring throughout entire lower and middle levels including mud rooms <br /> - Gutted & refinished all mudrooms<br /> - Enlarged rear balcony<br /> - New entry stairs at both entrances <br /> - New doors at all entrances <br /> - New stove<br /> - New dishwasher<br /> - Gutted and redid 2nd floor bath<br /> - Installed pellet stove <br /> - Installed 3 ductless units with transferable warranty to new owner<br /> - Updated plumbing throughout<br /> - Extensive yard cleanup- Large 2 story barn with electricity and wood burning stove is part of our property <br /> - Land on right side of home was professionally surveyed within last year. Neighbor had this done, not us.<br /> - Professionally cleaned after every rental <br /> - Furniture is negotiable
MlsNumber:	1578870

Listing Provided By:	Coldwell Banker Residential Brokerage, original listing
Name:	Coldwell Banker Residential Brokerage
Phone:	(207) 478-1502
Office Name:	Coldwell Banker Realty
Office Phone:	(207) 967-9900
Agent Name:	Adam Hedio
Disclaimer:	Copyright Â© 2024 Maine Real Estate Information System, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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.

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.

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Property Details

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Description/Comments

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HUD Foreclosures

Foreclosure Listings Increasing