We have a great foreclosure listing in Gap, PA, a beautiful newer home with perhaps the largest and most spectacular master bedroom I have ever seen and a garage that can hold 3 cars with room for a fourth. It's been on the market for about a year, starting near $300,000 and now recently reduced to $229,000.
You could not build this home for $229,000. Why hasn't it sold? Primarily because of the property taxes, which are around $8,000 per year. On top of a full mortgage, that makes the home fairly expensive to own.
However, this situation might be ideal for a cash buyer or someone who needs only a small mortgage. For that $800 per month you would get to live in a home that is nicer than you could otherwise afford, because the taxes drive down the selling price.
Additionally, that $8,000 of taxes is deductible on your income taxes, automatically putting you above the threshold for itemization of all your other deductions.
In short, this is the ideal property for the right buyer -- someone who can pay cash, wants a beautiful home to live in, and needs tax write-offs.
Contact me to find out more or to view 123 N. Christiana Avenue in Gap, PA.
Author:Paul Snyder III Phone: 717-278-3324 Dated: April 9th 2014 Views: 1,707 About Paul: I am a specialist in the management and sale of bank owned properties throughout SE and Central Penn...
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