Thursday, January 13, 2011

Norwich, CT 06360

Address Not Available Norwich, CT 06360
$139,900Price Reduced
$710/month (with 5% down)
5 Bed 2 Bath 5,412 Sq Ft 0.62 Acres

Property Details
This is a Fannie Mae Homepath property. Large Victor home,spacious eat-in kitchen,spacious livingroom,spacious dinningroom,and private back yard.
Beds    5 bed     Baths    2 bath
House Size    5412 sq ft     Lot Size    0.62 Acres
Price    $139,900    Price/sqft    $26
Property Type   
Single Family Home
    Year Built    1850
Neighborhood    Not Available    Style    Victorian
Stories    4    Garage    Not Available
Property Features   

    * Status: Active
    * County: New London
    * Area: Norwich
    * Approximately 0.62 acre(s)
    * 2 total full bath(s)
    * 11 total rooms
    * 4 stories
    * Family room
    * Basement is Full Basement, Partially Finished
    * 2 fireplaces
    * Lot features: Neighborhood
    * Lot size is between 1/2 and 1 acre
    * Utilities present: Public Sewer Connected, Public Water Connected
    * Elementary School: CLB
    * High School: CLB
    * Basement
    * Dining room
    * Laundry room
    * Hardwood floors

Fireplace Features   
Heating Features    Oil, Radiator
Exterior Construction    Stucco
Interior Features    Tile, Wooden Flooring; Cable TV Available; Laundry is on Lower level; Finished Attic
Exterior Features    Dirt Driveway, Gravel Driveway
Listing Details
Last refreshed    0 minutes ago    MLS ID    G573083
Days on site     121 days
Direct access URL
Listing brokered by    Aspen Realty Group |860-337-0011

I'd never heard of this Fannie May thing so I went hunting:

Why does Fannie Mae have properties for sale?

Fannie Mae works with all of its partners to help homeowners prevent and avoid foreclosure; however, sometimes it is unavoidable. When foreclosures occur on mortgages in which Fannie Mae is the investor, our goal is to sell properties in a timely manner in order to minimize the impact on the community.
What kinds of properties are available in the Fannie Mae HomePath database?

Fannie Mae's HomePath database includes only properties that are owned by Fannie Mae. There is a wide selection of homes, including single-family homes, condominiums, and town houses—located in a variety of neighborhoods. The number, types and the sales prices of the homes that are offered for sale may vary substantially. Many of these homes are relatively new; however, older homes are offered in some areas. Some homes may require repairs.
How is buying a home owned or managed by Fannie Mae different from other home purchases?

Usually, when you buy a home, you deal with a seller who lives in the home. Fannie Mae has acquired these properties through foreclosure, deed in lieu of foreclosure, or forfeiture.

When buying a Fannie Mae-owned home, you should know the condition of the property, as explained in more detail below, the cost of any needed repairs, and the steps in the loan qualification and closing process before you enter into a purchase and sales agreement.

Has Fannie Mae fixed everything in the house?

Fannie Mae may make some repairs to properties to increase their marketability; however, the buyer should be aware that other repairs may be needed. Fannie Mae sells each property "as is," which means that the buyer accepts the property "as is." Fannie Mae is not responsible for fixing any problems after settlement.

Even if the house has fresh paint, brand new carpet, new appliances, perhaps even a new roof or siding, it doesn't mean everything in the house is new, or even works.

Fannie Mae does not warrant or guarantee any work that may have been done on the property, whether as part of its efforts to sell the home or pursuant to conditions in the purchase contract. Where a home warranty is available, you may wish to buy it at your own expense.

You should also consider hiring a qualified professional to inspect the property, whether it has been repaired or not. Hiring a home inspector is a recommended practice, no matter what type of home you buy.

What can you tell me about this house?

If Fannie Mae knows of any hazards on properties we own or market, we disclose this information through our real estate listing agents. However, we may not have been informed by the previous owner of all hazards. We encourage you to have the property inspected by a professional before you buy.

What type of sales contract does Fannie Mae use?

Fannie Mae uses a state-specific real estate purchase contract and a real estate purchase addendum for our properties. If there is anything in the document you don't understand or aren't comfortable with, you may want to contact a real estate attorney, the real estate sales professional who has listed the property, or any real estate professional of your choice to review these documents with you.

Do I have to use Fannie Mae's selected title, settlement, or escrow companies?

No. You may designate the title, settlement, or escrow company of your choice, subject to the terms of the contract.

Will Fannie Mae accept an offer contingent on the sale of my house?

No, Fannie Mae will not accept offers contingent on the sale of your current home. Other types of contingencies will be considered on a case-by-case basis.

Why does Fannie Mae request a lender's prequalification statement before negotiating a home purchase offer?

Fannie Mae does not require a prequalification statement or letter before negotiating an offer. However, by obtaining this statement or letter, you better position yourself to get financing and complete the sales transaction in a timely manner. Prequalification allows you to see how much house you can afford and the mortgage amount you may be able to qualify for before you make an offer on a home. It also helps you focus on homes in an affordable price range.

A loan prequalification doesn't mean your loan is approved. You must apply for a loan separately, after you are prequalified and your purchase offer is accepted.

You may obtain a loan prequalification or a loan pre-approval at the lender of your choice.  To take advantage of our special financing, we encourage you to work with a HomePath-approved lender.  To find a HomePath-approved lender in your area, please click here.

Does Fannie Mae provide special financing?

Special financing is available on many properties through HomePath® Mortgage and HomePath® Renovation Mortgage. Click here for more information.
Can I buy a house directly from Fannie Mae without going through a real estate sales professional?

No. Fannie Mae depends on the expertise of local real estate sales professionals and accepts offers only through our real estate listing agents. You may work with any real estate sales professional to submit an offer to the real estate agent who has listed the property.

What happens if Fannie Mae gets more than one offer?

All interested parties may be asked to submit their best offer in writing though the listing agent no later than a specified date and time. Fannie Mae may accept or provide a counteroffer that we determine to be in our best interest. Fannie Mae is not obligated to accept any offer submitted.

Okay so now my ears are REALLY perked up and I went to do some hunting on Norwich CT
As of the census[6] of 2000, there were 36,117 people, 15,091 households, and 9,069 families residing in the city. The population density was 1,274.7 people per square mile (492.2/km²). There were 16,600 housing units at an average density of 585.9/sq mi (226.2/km²). The racial makeup of the city was 83.14% White, 6.84% Black or African American, 1.21% Native American, 2.10% Asian, 0.03% Pacific Islander, 2.76% from other races, and 3.92% from two or more races. Hispanic or Latino of any race were 6.11% of the population.

There were 15,091 households out of which 29.0% had children under the age of 18 living with them, 40.7% were married couples living together, 15.0% had a female householder with no husband present, and 39.9% were non-families. 32.0% of all households were made up of individuals and 12.5% had someone living alone who was 65 years of age or older. The average household size was 2.34 and the average family size was 2.96.

In the city the population was spread out with 24.1% under the age of 18, 8.9% from 18 to 24, 30.2% from 25 to 44, 21.5% from 45 to 64, and 15.4% who were 65 years of age or older. The median age was 37 years. For every 100 females there were 90.5 males. For every 100 females age 18 and over, there were 87.3 males.

The median income for a household in the city was $39,181, and the median income for a family was $49,155. Males had a median income of $34,880 versus $26,880 for females. The per capita income for the city was $20,742. About 8.3% of families and 11.5% of the population were below the poverty line, including 14.3% of those under age 18 and 11.8% of those age 65 or over.

* White alone - 25,687 (67.7%)
    * Black alone - 4,060 (10.7%)
    * Hispanic - 3,280 (8.6%)
    * Two or more races - 2,044 (5.4%)
    * Asian alone - 2,001 (5.3%)
    * American alone - 424 (1.1%)
    * Other race alone - 365 (1.0%)
    * Native Hawaiian and Other Pacific Islander alone - 62 (0.2%)

Elementary and middle school residents are zoned to Norwich Public Schools . The district also operates Thames Academy, an alternative high school. The middle schools of Norwich are Teachers' Memorial Middle School and Kelly Middle School. Norwich is also home to the Integrated Day Charter School, an alternative to the area of public schools.

The Norwich Free Academy is the primary high school for students living in Norwich and several surrounding towns.

Norwich Free Academy is a public school that is often described as an "independent school." The school receives money from state, federal, and private sources, and is not controlled by any of the municipalities that it serves. The school is governed by an independent board.

Sidney Frank donated $13 million to the school which resulted in the campus' newest building to be named after him: the Sidney E. Frank Center for Visual and Performing Arts.

Three Rivers Community College serves the region.
Amtrak stations near Norwich:

    * 9 miles: FOXWOOD CASINO (LEDYARD, ROUTE 2) - Bus Station
    * 13 miles: NEW LONDON (27 WATER ST.). Services: ticket office, partially wheelchair accessible, enclosed waiting area, public restrooms, public payphones, paid short-term parking, paid long-term parking, call for car rental service, taxi stand, intercity bus service, public transit connection.
    * 15 miles: MYSTIC (RTE. 1). Services: enclosed waiting area, public restrooms, public payphones, free short-term parking, call for car rental service, call for taxi service, public transit connection.

Public high schools in Norwich:

    * Norwich Free Academy (Students: 2564; Location: 305 Broadway; Grades: 9-12)
    * Norwich Technical High School (Students: 448; Location: 590 New London Turnpike; Grades: 9-12)
    * Bishop School (Students: 195; Location: 526 Main Street; Grades: PK-12)
    * Deborah-Tennant Zinewicz School (Students: 34; Location: 30 Case Street; Grades: 7-12)

Biggest public elementary/middle schools in Norwich:

    * Kelly Middle School (Students: 491; Location: 25 Mahan Drive; Grades: 6-9)
    * Samuel Huntington School (Students: 461; Location: 80 West Town Street; Grades: PK-7)
    * John M. Moriarty School (Students: 432; Location: 20 Lawlor Lane; Grades: KG-6)
    * John B. Stanton School (Students: 403; Location: 386 New London Turnpike; Grades: PK-6)
    * Teachers' Memorial Middle School (Students: 393; Location: 15 Teachers Drive; Grades: 5-8)
    * Greeneville School (Students: 356; Location: 165 Golden Street; Grades: KG-6)
    * Veterans' Memorial School (Students: 312; Location: 80 Crouch Avenue; Grades: PK-6)
    * Thomas W. Mahan School (Students: 312; Location: 94 Salem Turnpike; Grades: PK-6)
    * Integrated Day Charter School (Students: 301; Location: 68 Thermos Road; Grades: PK-8)
    * Uncas School (Students: 277; Location: 280 Elizabeth Street; Grades: KG-6)

Private elementary/middle schools in Norwich:

    * ST PATRICK CATHEDRAL SCHOOL (Students: 208; Location: 211 BROADWAY; Grades: KG - 8)
    * ST JOSEPH SCHOOL (Students: 166; Location: 120 CLIFF STREET; Grades: PK - 8)
    * WILDWOOD CHRISTIAN SCHOOL (Students: 142; Location: 35 WAWECUS HILL RD; Grades: PK - 8)
    * MONTESSORI DISCOVERY SCHOOL (Students: 44; Location: 218 DUDLEY ST.; Grades: PK - KG

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