homes for sale in huntsville al

Homes for sale in Huntsville; Research of specific Huntsville homes for sale
February 3rd, 2012 10:49 AM

209 BRUSH CREEK DRIVE at the link below has been on market since 09/01/11. This a pretty long time for a home in this price range.



http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7115302185

The current listing shows CHRIS DEROCK as the owner of the house. The link below is to the archived listing where he purchased the house 06/29/07 at $119,000. His seller paid $3,000 of his closing costs. This would have covered most if not all his closing and pre-paid costs.



http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7115302187

As best as I can tell the house has been empty since 09/01/11 so there is a good chance the seller is having some financial pressure.

Searching the courthouse records I found the mortgage dated June 29, 2007 for $121,558. The loan amount is $2,588 above the sale price because it is a VA loan with a funding fee that is added to the loan amount.



http://probate.co.madison.al.us/LoadImage.aspx?sk=20070706000479030&format=PDF&ref=248dfc0b-df49-4c0b-8a4c-21cfc85c8c65

Since VA loans are no down payment loans and his seller paid most if not all of his closing costs, the seller paid little to nothing up front to buy the house. The loan amount would have paid down very little however and the seller owes more on the house that what he can net in today's market.


The link below is to the deed.
http://probate.co.madison.al.us/LoadImage.aspx?sk=20070706000479020&format=PDF&ref=248dfc0b-df49-4c0b-8a4c-21cfc85c8c65

The link below is to the summary of MLS activity in the neighborhood since 01/01/11. The average sold price was $77 per square foot with a range of $61 to $91 per square foot. There are four active listings in this small neighborhood that are competing for the same buyers.

http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7115302195



At the highest sold price of $91 per square foot the house would be $131,000 well above the $118,000 list price

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