SOLD - Tanager Court - Glen Mill Knolls - $845,900

SOLD on 3/3 at $827,000

This home is a foreclosed property and needs a lot of work. Close to $200,000 below other properties in the area, it is generating a lot of interest. When you get to see the property close up, you understand why the price is so low.

The original home was built in 1976. It was at one time a beautiful home with 4 bedrooms and 3.5 baths sitting high upon a two acre lot. Over the years some improvements have been made. Some of them made sense, others seemed cheaply done and has taken away from the value of the property.

The problem with foreclosed property is they remain vacant for long periods of time. This property has been vandalized during this time. A professional stove has been taken from the kitchen, many shrubs have been dug out and taken away and some valuable specimen trees have disappeared.

As you go through the home you realize that even with a price $200K below market, his home is not necessarily a value. It really needs to be completely gutted and redone.

With that said, there is opportunity here. A good neighborhood, a Potomac address and 2 acre lot are attractive. A contractor that can afford to live here while performing the work could ultimately do well. Sweat equity would allow this home to be completed for a reasonable amount of money over time.

Currently, this home will need $100K in work to make it somewhat livable. I see this home selling for $100K below its list price. At that price point it will be worthwhile for someone to do the work and take on this large project. I think the lender that currently owns the home should be tickled to death to get the offer. I will revisit this home over the next few months.