Richfield saw three homes change hands in the last week; all lender-owned properties.
Investment properties, either buy-fix-sell or buy-fix-rent are doing well in Richfield as real estate investors hope to make income from their investments.
However, some properties, such as the home on Girard Avenue, are sold to owner occupants only. These new home owners hope that their investment and sweat equity will translate into a cozy abode.
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Bank owned properties are often priced very affordably and many banks are starting to be more willing to accept offers at least a little bit below the list price. There are also programs designed to help first-time homebuyers purchase bank-owned properties with the promise to live in the home.
But be aware that buying from a bank requires knowledge of arcane rules and regulations, which can vary greatly from program to program and bank to bank. Though buying a bank-owned home may be stressful and complicated, for some buyers, it’s the perfect choice.
Find out what's happening in Richfieldwith free, real-time updates from Patch.
Here are the details for the three homes that SOLD! last week:
1) 7035 5th Ave. S.
Listed by: Century 21 Pastrana
Single-family home: three bedrooms, one bath
Lender-owned
Days on Market: 92
Closed: August 8, 2011
Original List Price: $94,500
List Price at Time of Offer: $79,500
Sold Price: $79,500
2) 6944 Columbus Ave. S.
Listed by: Century 21 Pastrana
Single-family home: five bedrooms, two baths
Days on Market: 35
Closed: August 5, 2011
Original List Price: $89,900
List Price at Time of Offer: $89,900
Sold Price: $80,000
3) 7320 Girard Ave. S.
Listed by: Century 21 Pastrana
Single-family home: four bedrooms, three bath
Lender-owned
Days on Market: 21
Closed: August 9, 2011
Original List Price: $159,900
List Price at Time of Offer: $159,900
Sold Price: $181,000
Stephanie Fox is a licensed real estate agent with Coldwell Banker Burnet.