Homes for sale huntsville Huntsville Alabama Real Estate

 

The house has been on market since 11/01/11 and is listed at $285,000 / $105 psf. The link below is to the current listing and to the listing where the seller both the house in 2005 for $305,000 / $112 per square foot. Note that the square footage price includes the total cost including acreage.
 
http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=NALMLSReports/ListitLib/show_report.aspx?ID
 
You can see that the sold listing shows 7 acres while the current lisings shows 4.12 acres. This concurs with the information we have on the owner having sold land to the neighbor.
 
My my reckoning the tax plat below indicates the home has a little over the 4.12 acres stated on the listing.
 
 
 
Huntsville AL homes for sale
 
 
 

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The link below is to the Google satellite image of the home; I can’t see any negative features in the surrounding area.
 
http://maps.google.com/maps?q=NALMLSReports/ListitLib/show_report.aspx?ID&hl=en&ll=34.81937,-86.476779&spn=0.007945,0.021093&sll=37.0625,-95.677068&sspn=31.426353,86.396484&vpsrc=6&hnear=164+Winding+Trail,+Huntsville,+Alabama+35811&t=h&z=16
 
The link below is to the Google map.
 
http://maps.google.com/maps?q=NALMLSReports/ListitLib/show_report.aspx?IDll=34.819758,-86.476468&spn=0.003972,0.014613&sll=37.0625,-95.677068&sspn=31.426353,86.396484&vpsrc=6&hnear=164+Winding+Trail,+Huntsville,+Alabama+35811&t=m&z=17
 
While the mapped location is off, the map below shows flood zones and terrain contours. The home is actually located at the southeast corner of the cul-de-sac. There may be a flood zone at the very back of the property but not near the house or barn.
 
 
 
Homes for sale in Huntsville AL , Huntsville AL homes for sale
 
 
 
 
 
 
 
Google estimates 23 min. to Redstone Arsenal and Research Park.
 
http://maps.google.com/maps?saddr=I-565+E&daddr=NALMLSReports/ListitLib/show_report.aspx?ID&hl=en&sll=34.73602,-86.5628&sspn=0.254487,0.674973&geocode=FcKTEQIdEHXV-g%3BFSNLEwIdIXvY-imtVwVEjD1iiDE37ESX2eGaTQ&vpsrc=0&mra=dme&mrsp=0&sz=11&t=m&z=11
 
As mentioned, it will be difficult to find comparable sales. Starting with the immediate neighborhood. The link below is to the home that I pointed out that sold in 2010. It was a much larger home and was on the river. It is however frame construction, is older and only has 2.8 acres. It sold in 104 days at $450,000 / $114 per square foot.
 
http://nalmls.com/NALMLSReports/NALMLSReports/ListitLib/show_report.aspx?ID
 
 
The link below is to a neighborhood home that sold at $80 psf. It was larger than the subject home at 3,2040 square foot. ( The sold price per square foot of larger homes will trend lower than that of comparable smaller homes.) It also is on a much smaller .46 acre lot. It doesn’t have a barn or farm fencing.
 
http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=711NALMLSReports/ListitLib/show_report.aspx?ID
 
The link below is to a summary of sales of similar properties in northeast Madison County since 01.01.10. Again direct comparison is difficult. Many of the homes are much further from the city, have varying lot sizes and some are on hillsides with less useable land.  While 4001 MAYSVILLE ROAD looks great in the photo, there is a warehouse / truck terminal just out of frame on the left.
 
http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7115NALMLSReports/ListitLib/show_report.aspx?ID
 
The link below is to the full listings.
 
http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=711503NALMLSReports/ListitLib/show_report.aspx?ID
 
My impression is that the list price the subject property would be a fair price. Since this is a short sale and we will be negotiating with the lender rather than the seller we need to view the transaction from the lender’s perspective.
 
I researched the Madison County probate records for mortgages on the property. The link below is to the original first mortgage for $244,000. Note that the loan is an adjustable rate mortgage. The original interest rate was 5.75%

http://probate.NALMLSReports/ListitLib/show_report.aspx?ID/LoadImage.aspx?sk=200511NALMLSReports/ListitLib/show_report.aspx?ID0&format=PDF&ref=3b94a197NALMLSReports/ListitLib/show_report.aspx?ID

 

Assuming that there were no adjustment to the interest rate nor any additional principle payments the current balance on the first mortgage will be in the $222,158.03 range. If the seller is behind on her payments that amount could be greater.

The link below is to the second mortgage. The original amount of the mortgage was $61,000 so the seller did not make a down payment on the house. This loan is a 20 year mortgage. The interest rate is not stated and there is a balloon payment rider. Given the limited information recorded with this mortgage, we can’t accurately estimate the current loan balance.

http://NALMLSReports/ListitLib/show_report.aspx?ID.al.us/LoadImage.aspx?sk=2005112300NALMLSReports/ListitLib/show_report.aspx?ID&format=PDF&ref=477f477a-c24f-4323-9953-ffdb9NALMLSReports/ListitLib/show_report.aspx?ID

Assuming the second mortgage balance is $55,000 the total encumbrances on the property is in the $277,000 range. Assuming standard seller expenses, a $4,000 seller contribution to purchaser closing costs and a $480 home warranty for purchaser, the house would need to sell in the $299,000 range to clear the mortgages. At a list price of $285,000 seller is asking lender to forgive or accept unsecured payments on around $14,000.

As mentioned before finding accurate comparables to establish market value on this property is nearly impossible but I believe the house is priced within what the market will bear. If this house does meet your needs better than the other Huntsville AL homes for sale  we have seen and you are serious about it, we should consider an offer near what the list price is. We could always make a lower offer but there may be multiple offers over the several months that lender may take before deciding on any of the offers. We are working with what is in effect a blind closed bid auction of an undetermined length with no guarantee that lender will accept any offers received.

I am booked tonight but still have tomorrow afternoon clear. Please let me know if that will work for you

As a point of interest, the link below is to a partial release from the mortgage of the land that seller sold to the neighbor.

http://NALMLSReports/ListitLib/show_report.aspx?ID.al.us/LoadImage.aspx?sk=200803NALMLSReports/ListitLib/show_report.aspx?ID&format=PDF&ref=&NALMLSReports/ListitLib/show_report.aspx?IDpos=

 


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Posted by Philip Winburn on November 21st, 2011 1:37 PMPost a Comment (0)
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