tomo logo

$135,000

Beds
2
Baths
1.0
sq ft
Unknown

561 Formwalt St SW Unit 5, Atlanta, GA 30312

561 Formwalt St SW Unit 5

Atlanta, GA 30312

  • 24 days on market
    • Price drop $15,000↓
Location! REDUCED MOTIVATED SELLER AND $10,000 towards downpayment with the help of the $10,000 Homebuyer Access grant as a primary residence purchase. The unit is currently rented for 1250 to a long-term tenant. It is very easy to find new tenants or increase rent. Also, it can be bought as a package with two other units in the same building. Additional Unit 8 (mls 7491868) is rented for 1250. And 571 Formwalt unit 7 is empty and can also be rented for 1250. Showing 571 Formwalt Unit 7 can be done as it is vacant. There is no Seller Disclosure as the seller has not lived there.

Details

Property type

Condominium

Est. home value

$158,220

Lot size

584 sq ft

Price per sq ft

Unknown

Year built

1961

Annual property taxes

$2,473

HOA

Yes

Price History

11/27/2024
FMLS

FMLS #7491872

Listed
$135,000
+592.31%
06/22/2012
FMLS

FMLS #4326582

Sold
$19,500

Schools & Community

Neighborhood: 

Mechanicsville

Elementary school: 

Paul L. Dunbar

Middle school: 

Martin L. King Jr.

High school: 

Maynard Jackson

Community features: 

None

Number of units in community: 

1

Negotiation Insights

Before you make an offer, understand who you are negotiating with so you can tailor your negotiation strategy to their situation.

Seller could get up to

$117,660
Asking price
$135,000
Closing costs (~8% of asking)
-$10,800
Est. remaining loan balance
-$6,540
Cash to seller
$117,660

This is an estimate of how much the seller could receive at closing after paying off the outstanding mortgage.

Seller’s Loan History

Lender

Countrywide Home Loans Inc

Loan start date

April 2005

Original loan amount

$18,980

Est. remaining balance

$6,540

Interest rate

5.69%

Loan type

New Conventional, 25 year

Seller

Michael K Temba

Source: Public records data

If you're the owner, you can request to remove loan details. Email listingsupport@tomo.com

How insights can help you

Interest rate

If the seller has a low interest rate, they may be tempted to rent the property out if they can't get the price they have in mind.

Motivation

If the seller already got a job in a different city, they may feel pressure to sell quickly to free up cash for a new home.

Equity

If the seller stands to receive a large amount of cash when they sell the property, they might be willing to negotiate on the offer price.

Interested in learning more?

Status: Active

Tomo last checked: 12/22/2024 at 12:15 PM

Listing updated: 12/04/2024 at 4:10 PM

Listed by: Pratik Karan, Dalton Wade, Inc. Phone #: (888) 668-8283

MLS: FMLS #7491872

FMLS logo

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