Warrenton House History
A house that I had previously listed and sold, about a year and a half ago, just resold. It's a story that keeps happening these days but I thought it might be interesting to look a little closer.
My clients were the original owners when the house was built in 1986. It's a contemporary with three bedrooms and three full baths. It's on 6.77 acres just off of Keith Road just a few minutes north of Warrenton. It's got an oversized two car garage as well.
My clients sold the house in August of 2006 for $470,000 with $16,450 going to pay the closing costs for the buyers. The buyers had trouble coming up with money for the earnest money and put zero down to buy the house.
I often wondered how the new owners were faring. The husband had been in the business of buying and flipping houses and owned several others that he was having trouble selling. This particular house was going to be their personal residence.
Last week, I saw that the house was now owned by a bank and was for sale again. But this time the asking price was $251,900! That seemed like an astonishing price for almost 7 acres just outside Warrenton. I had clients who were interested so we went to take a look.
As with most foreclosures, the house was not in the best condition. The upstairs carpet was trashed and the whole home smelled of pet urine. The basement carpet was so bad they'd torn it out, but that hadn't done anything to diminish the smell. The owners had taken the refrigerator and washer/dryer with them. I've seen much worse, but it's a house that definitely needs some work.
My clients weren't interested in that much work, but plenty of people were. Within just a couple of days of going on the market there were multiple offers. And, within a week there was a ratified contract.
Although the official sales price won't be known until after settlement occurs, currently schedule for mid-June, rumor has it that the house sold for less than $275K. That's a deal!
Houses are selling! But at these prices, many sellers are losing money.