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What is the square footage for 57207 Phaeton Place?
A bank appraisal says 2,007 upstairs and 1,761 downstairs. The two main rooms in the basement, which you can see pictures of on this site, are fully finished. According to the bank appraisal, the total fully finished basement space is 1,232 square feet.
How large is the lot?
About half an acre (the bank appraisal says 23,217).
When was this home built?
2002
How many bedrooms and bathrooms?
3 bedrooms upstairs, 2.5 bathrooms upstairs, and the main bathroom has a jetted tub.
Is there a den or office area?
Yes! There is an amazing office or bonus area off the main bedroom. The diagram on the pictures page lists this as a 4 season room. Cat 5 cable was run to this room when the home was constructed.
Are there any recent improvements?
New roof with 50 year warranty in the fall of 2024. This roof has a one-time warranty transfer offer for $100.00.
Both garage doors were replaced in the fall of 2024.
New air conditioner in 2023.
New microwave in 2023.
The dual tank Hawkins Water softener was completely refurbished in 2023.
All three toilets were replaced with American Standard stools in 2022.
Quartz countertops were installed in the master and main bathrooms in 2022.
New high quality faucets in main and master bathrooms were installed in 2022.
New bathroom fan/light combination units were installed in bathrooms in 2022.
Complete shower remodel with frameless shower door in the master bath in 2022.
Does this home have any special features?
Yes!
Outside / garage:
The fully finished garage is heated. It also has extra outlets and lighting.
There is a floor drain in the garage, plus a wash tub with hot and cold water.
The salt tank for the water softener is in the garage.
Both garage doors have a keypad for quick entrance.
The attic has extra insulation.
There is a storage rack for a canoe in the garage.
The driveway is a full three car drive.
Sprinkler system.
Patio door opens to a stamped, concrete patio.
The back porch has an electrical hookup for a hot tub.
The concrete patio was "pinned" to support the weight of a hot tub.
A cedar pergola overhangs the patio.
A stone path leads to the fire pit area.
Brick mailbox.
This house is on a septic and well versus city services
All homeowners have a share in the stocked pond, the paved walking path, and the river boat launch.
Inside:
9 foot ceilings upstairs.
Sprayed versus stapled insulation in the upstairs walls.
Marvin windows and doors.
Commercial laminate flooring for the entire upstairs, except for bathroom areas.
High quality tile in the bathrooms.
Berber carpeting in the basement.
Pocket doors in key places upstairs, and two of these doors have mirrors.
Paddle switches for all lights.
Solid surface kitchen counter tops.
Reverse osmosis system.
Garbage disposal.
Gas fireplace.
Kitchen bump out with extra storage.
Lighted plant shelf and rope lighting in the kitchen.
Quality ceiling fans in every bedroom and living room.
Sub panel downstairs for backup generator that powers key parts of the home.
2 large fully finished areas in the basement.
One smaller semi finished room in basement. This has a laminate countertop for a work area.
This has been an AMAZING home for us. We once used the entrance area of the sub division for an outside wedding and our backyard was used for the reception.
There is a reason why people say Auburn Estates is the "best kept secret in Elkhart County."
When will this home be available for possession?
We estimate possession will be available as early as January 31, 2026 or as late as February 16th, 2026. We are marketing it early to help make the smoothest possible transition for the new owner(s), as well as our family.
How much is the "sold by owner" price?
$425,000, and all appliances stay.
Will you negotiate on the price?
No, and if you will compare this offer with similar homes in the area, including this one in Auburn Estates which recently sold, you will quickly see why.
Would the price be more if you were not selling For Sale By Owner?
Yes. If you are looking for a great deal on a house, this may be the deal of a lifetime.
How much is the annual HOA fee?
This has varied over the years depending on projects like repaving the walking path. As of 2025, the annual HOA fee is $800.00, plus a special assessment of $250.00 ($1,050.00 total). These funds allow home owners to properly maintain the common area, plus fund special projects such as capping the pipes leading from the Elkhart River into the pond, replacing the fountain, repairing the walking path, etc.
How much are the taxes?
Depending on your exemptions, about $2,300 per year.
What if we want to use a local realtor or buyer's agent? What if we have signed something like the "Indiana Buyer Exclusive Agency Contract?"
You would be solely responsible for any agreements you have made with any realty service. If you wish to pay a realtor to buy our home for $425,000, that is your right, but we are not offering any compensation to area realtors. The only exception would be a realtor who wants to substitute his or her services for the 1% fee we would pay for houzeo.
What if I am a local realtor who has a buyer for your home?
We would offer you the same compensation associated with the "gold plan" from houzeo. If you want compensation beyond this amount, this must come from someone other than us.
Who will handle the sale of this home?
We will be using the "gold plan" from https://www.houzeo.com to ensure all the necessary forms are used and reviewed by the houzeo service. This saves us as well as the buyer $$$$$$.
We have never heard of houzeo. What is it?
Houzeo is an online real estate platform that offers a flat-fee Multiple Listing Service (MLS) for homeowners selling their properties "For Sale By Owner" (FSBO).
What if we would like to tour this house?
We will be offering and coordinating showings through houzeo beginning September 16th, 2025. To see the house you will either need a pre-approval letter from a lender for $425,000 or have a "proof of funds letter" for this amount.
Have you ever sold a house "by owner" before or are you realtors?
My wife and I are not realtors, but we have successfully sold our two previous homes as "for sale by owner." If a seller can find a buyer or a buyer can find a seller, the process can be smooth, pleasant, and beneficial to both the buyer and seller.
What if we want the house and someone offers you more money?
The first buyer who wants this home at $425,000, and puts down earnest money, and can complete the sale, gets the deal.
Will you accept backup buyers ?
Yes.
What about earnest money, and who would hold it?
$5,000 in earnest money and this entire amount will be held by a local and highly respected title company like Meridian. This money will reduce the price at closing to $420,000.
What about taxes?
These would be split between us and you.
What about other closing costs?
These can be discussed, but expect them to be typical for this type of transaction. A ballpark estimate from a local title company is $2,199 for the seller and $929 for the buyer.
Why are you selling For Sale By Owner?
A 7% commission on a $425,000 house is almost $30,000. If you are willing to work with us as For Sale By Owner, we can both share in the significant savings.
If you have any questions which are not answered on this site, feel free to contact us (Brad and Teresa Price) using the information below.