Home for Sale at 2416 EDGEWOOD DRIVE, LOCUST GROVE, VA 22508

2416 Edgewood Drive
Locust Grove, VA 22508

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Property Details

List Price:	$650,000
Beds:	5
Baths:	5
Status:	Active
SqFt:	4847
Agency:	Samson Properties

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Description/Comments

Lot Size:	--
Property Type:	Residential
Year Built:	2019
Notes:	A beautiful and spacious dream home on a cul-de-sac, that's a must see!<br /> <br /> This entertainer's paradise boasts approximately 5,000 finished square feet of elegant living space. The residence features four bedrooms and three bathrooms on the upper level, including a large primary bedroom with a stunning cathedral ceiling, double door entry, and a jetted tub. The second bedroom comes with its own private bathroom.<br /> <br /> A grand two-story entryway graced with a chandelier and recessed lighting welcomes you into the home. The main level includes a living room, dining room, perfect for hosting gatherings. The expansive kitchen is a chef's delight, equipped with granite countertops, a double oven, a farmhouse sink, recessed lighting, and a pantry. The sunroom and family room, both featuring extended bump-outs, provide ample space for relaxation.<br /> <br /> The main level also houses an office/den and a powder room for convenience. The walk-out basement is largely finished, excluding the storage/utility area, and includes a large media room (or a potential fifth bedroom), a wet bar with granite countertops, and a dishwasher, a full bathroom with a tub, and a storage area.<br /> <br /> The backyard is an outdoor oasis with a sizable saltwater swimming pool with a cover, as well as a hot tub. This property is nicely fenced for privacy and security.<br /> <br /> This home truly needs to be seen to be appreciated. Take a look at the photos and come see the beauty and potential for yourself!
MlsNumber:	VAOR2006812

Listing Provided By:	Samson Properties, original listing
Name:	Samson Properties
Phone:	(703) 896-5869
Office Name:	Samson Properties
Office Phone:	(703) 378-8810
Agent Name:	Donna Washington
Disclaimer:	Copyright Â© 2024 Bright MLS. 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