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The Hollinden Team Louisville KY Real Estate Blog

Jefferson County Circuit Court Commissioner Sale in Louisville KY

Today, I went to the Jefferson County Circuit Court Master Commissioner’s sale on Liberty Street in Louisville.  I had not been in a while and there was a foreclosure house in Glenmary that was on the auction block today.

As always, it was a fast paced auction with each house selling in seconds.  Once they read the description and ask for an opening bid, it is over very quickly.  This is nothing like the old farm auctions where there strive to squeeze every drop from the buyers.  You need to be ready to bid and bid quickly.

Today’s Louisville commissioner’s sale had 139 properties for sale.  Of these, 59 were withdrawn before the sale.  It seems to be a growing trend to pull the property at the last minute as the percentage withdrawn is higher than 2 years ago.  I attribute this to the short sale process actually working along a few loan modifications (very few).  This left 80 properties to go under the hammer in prices ranging from $12,000 to over a million dollars.  Now the interesting part, only 3 of these actually sold to someone besides the bank pressing the action.  For the remaining 77, there will be more legal fees, maintenance fees, real estate commissions, etc.  They will all have been 'cleansed' by the foreclosure process.

Most all of the bidding started at 2/3 of the Commissioner’s appraisal done just before the sale.  Only 2 properties sold lower than 2/3 as that triggers the right of redemption for the homeowner.  If a property sells for less than 2/3 of the appraisal, the homeowner has a year to buy the property back at the sale price plus 10% interest.  And, he keeps whatever improvements have been made in this time frame.

I thought it was perplexing that several times the bid price approached or exceeded appraised price, but the foreclosing bank kept increasing their bid until they owned it.  As I mentioned before, only 3 bidders were successful today.  The property in Glenmary Estates that I had interest was appraised by the master commissioner at $290,000.  I was the runner up bidder but quit letting the bank have the final bid of $274,000.  This was 94% of appraisal.  For me, this was a lot of money to invest in a house that I had never been through.

I mentioned that the sale goes quickly.  From start to finish, the entire sale was over in 60 minutes.  This included announcements and the time getting the 3 buyers to the table to make their purchase of the foreclosed property.

If you have any questions about the foreclosure process in Louisville KY, contact the The Hollinden Team in Louisville KY.  You can also search for Louisville foreclosures or bank owned homes along with Louisville short sale homes on our website.

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Radon in Kentucky can be a Problem

Radon is a cancer-causing, radioactive gas.  In Kentucky, around 42% of our untreated homes will have levels above the EPA action level of 4.0 pico curies per liter of air.  In Louisville KY (Jefferson County), the Radon level increases to over 60%.  The levels of Radon Gas depend on the type of soil and rock structure beneath our homes.  The Radon levels vary across counties and will vary from house to house in the same neighborhood.  Fortunately, it is usually easily mitigated by a Radon Professional.  Costs will generally run $800-$1,000 and should include a follow up test showing the radon mitigation system is doing its job.

In general, the longer the test the better and more accurate the tests will be.  On most real estate transactions in Louisville, we receive a 48-hour test.  The Hollinden Team prefers a written report with results posted hourly.  This gives us the average that we need to form a decision and often a graph to see how wide the results swing.

On the seller’s disclosure form, the sellers are asked if there has been any testing for Radon gas.  If so, what were the results?  If the home inspection results show a high level of Radon gas, the buyers most often will ask the sellers to install a Radon mitigation system.  The sellers have the right to refuse; but it is now a Catch-22 situation.  Let’s say the deal falls through.  Since the sellers now know of a Radon Test being performed, they need to post a new home Seller’s disclosure with the tested results.  This is certainly a red flag to the next prospective buyer.

The Kentucky Association of Radon Professionals is active in KY and helps homeowners make informed decisions about Radon.  They have produced a Consumer Guide to Radon Reduction in KY PDF file which is very informative. 

It can be very confusing to know what the Radon numbers actually mean.  The Kentucky Association of Radon Professionals have made a chart comparing Radon exposure to smoking cigarettes and chest x-rays.  In KY, we have a high percentage of cigarette smokers.  Radon gas can contribute to lung problems.

The EPA has also quite a bit of information about Radon and have made a booklet on the Home Buyer’s and Seller’s Guide to Radon.  This is even more unbiased information on the dangers of Radon Gas.  The EPA has also produced a booklet on A Citizen’s Guide to RadonThe Hollinden Team thinks that the informed consumer is the best.

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576 Erin Circle Mt. Washington, KY

Welcome to this modern split ranch in the quiet neighborhood of Wilchar Estates. Near downtown Mt Washington, Wilchar Estates is a relatively new subdivision just off Highway 44 and Old Bardstown Road – close enough for convenience to services, but far enough away to provide a quiet and peaceful environment for your family!

This home is a rare find in the area due to its large lot and completely finished walkout basement.  Situated on a one-third acre lot with full fencing, you will have outdoor entertainment space as well as privacy in this lovely home.  The property is definitely suited for outdoor summer living, with a nice deck off the ground floor and patio area below!  You will also appreciate the large storage building to minimize clutter in your garage. 

Inside, you will find vaulted great room which serves as the centerpiece for this lovely home, flanked by bedrooms on both sides for privacy.  The open configuration also gives you ready access to the kitchen, with French doors out to the deck and the green views beyond. Entertaining will be easy, with a nice sized great room, deck, patio and open finished basement.

In the Master, you will find vaulted ceilings, a nice master bath, and a huge window for excellent natural light. The Master Bath has a dual vanity, with both full bath tub and a stand-up shower. 

The walkout basement is fully finished and is an open design.  Currently, one corner of the basement is set up as a modern home office.  Another section is a family room and the balance is one big play area for the kids.  Out the rear door, you will notice the nice concrete patio and a large yard which can be a play area or your own private retreat!

You will find that Mount Washington KY has quite a bit to offer due to its proximity to Louisville KY.

Contact the Hollinden Team to learn more about this listing.

This was a great home that sold in 5 days.  Contact the Hollinden Team today to see how we can get your home sold.

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