Monday, March 15, 2010

Foreclosure: 1001 Black Branch Farm - Scottsville - 28+ Acres - $239K

MLS #474718 - This new listing was sent in by several readers, at least two of whom initially thought the price was a typo.  Wells-Fargo re-po'd 1001 Black Branch Farm in Scottsville for $352k, it's assessed for $316k, and it can be yours for $239,900k, which is 32% less than what the bank paid.  Is this the Deal of the Week?  Month?  Year?   The 28.40 acre horse farm is about 10 miles south of Monticello (30 minutes to Downtown C'ville).  The 2,172 3 bdrm, 2 ba house is ca. 1990, and the property has horse rings, stalls, outbuildings; the house(by pictures) looks appealing.
Caveat emptor: as with any property, but especially one so "cheap," buyer needs to know all about surrounding properties and the owners' plans: development? volcano? nuclear power plant?  airstrip?  Fortunately, Albemarle has a sophisticated property mapping system that helps discover information.

Images copyright CAAR.  Click for larger images in new windows.

Related Reading:
Top 10 Homebuyer FAQ For Charlottesville Area (with an ongoing conversation in comments)
One in 10 Virginia Mortgages Delinquent or in Foreclosure

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