Priced to move: commissioners act on NSP homes

Mar. 26, 2013 @ 07:21 PM

Ten homes built as part of Vance County’s Neighborhood Stabilization Project received approval for repairs and reduced listing prices Tuesday afternoon.

During a special called meeting of the board of commissioners, Diane Cox, interim executive director for Kerr-Tar Regional Council of Governments, presented the new listing prices and $13,000 worth of recommended repairs.

Built in an effort to stabilize areas inundated with foreclosures and abandonment, and to provide housing for low-income families, the houses have fallen victim to vandalism.

All 10 homes sit vacant, with no offers for purchase.

“The list prices were so great that the amount these people felt they could qualify for was so much under the listing price that they were embarrassed to make an offer,” said Jonathan Care, county attorney. “It’s our hope that this strategy may bring some new interest and offers so we can sell these. It will also allow us to comply with current listing terms with the agent.”

According to Care, original listing prices were based on misinformation given by a source no longer involved in the project.

“That was the issue that has still come back to haunt us because we were operating on misinformation,” Care said. “Getting everyone back to the table has really enlightened us as to the many issued we just weren’t aware were being done right.”

Sara S. Rudolph, chief executive officer for Franklin-Vance-Warren Opportunity, Inc., says her organization was originally involved in the NSP, working to provide an education piece to future homebuyers.

“We were at the table from day one and then we were not at the table,” Rudolph said. “We were asked to come back to the table.”

According to Rudolph, FVW has been holding homebuyers education training programs since 2010 as an approved agency of the U.S. Department of Housing and Urban Development.

“Homebuyers are required to have it before they close on a loan,” Rudolph said.

Rudolph feels NSP homes are much more marketable to her clientele at their new listing prices.

“They’re much better and more reasonable,” Rudolph said. “We can be much more successful with getting someone approved for financing.”

Commissioner Terry Garrison, who also operates a real estate business, felt recommended repairs were another step in enhancing the homes marketability.

“You can sell a good looking house a whole lot easier than you can sell a bad one,” Garrison said.

Recommended repairs receiving approval Tuesday included replacement of missing vinyl siding, replacement of exterior doors and storm drains, replacement and repair of electrical wiring components, and cleaning of interior and exterior.

Those repairs will cost $13,000 and do not include the installation of heating, ventilation and air conditioning units.

“There would be an additional cost of $8,000 to bring utility structures up to par, given there has been a sales agreement,” said Tommy Hester, the board chairman.

Upon approval of new pricing and repair for the NSP homes, commissioners also agreed to add various security features to the homes.

All offers made on newly-reduced NSP homes will be brought to the Vance County Board of Commissioners for approval.

“These are the listing prices,” said Jerry Ayscue, county manager. “So, as offers are received, that will come back to this board for approval.

“The board has final say.”

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Priced to move

Vance County commissioners opted to lower the prices on homes in the Neighborhood Stabilization Program Tuesday. Following are the addresses, old price and new price for the 10 homes:

Address                      Old price     New price

614 Andrews Avenue   $80,000     $65,000

661 Charles Street        $83,000    $70,000

203 College Street      $100,000     $65,000

460 Cross Street           $73,000     $45,000

454 Cross Street           $96,703     $45,000

225 Hawkins Drive        $72,000     $49,000

534 Horner Street          $89,229     $42,000

317 Yancey Lane           $78,000     $59,000

463 Poplar Street           $92,355     $42,500

476 Poplar Street           $86,710     $45,000