Do I have a possible first deal??? - Posted by Leap of Faith
Posted by Leap of Faith on June 28, 2003 at 08:52:05:
I have a lead on a possible deal and I wanted to get preliminary advice from the more experienced.
My sister-in-law called me last night and told me that her best friend who recently got married is desperate to sell her house because she and her new husband are to close on their new house July 31. She said she even said she’d give it away (I know this girl and I seriouly doubt that), but that statement does signal “motivated” in my mind. I don’t know if this is a possible sub2 deal, I would like your advice on how to proceed.
I did some research this morning on her property. It’s located in Cypress, Texas (Harris Co) The house is a 3/2 on 1 acre. It has 1,973 sq.ft. living area. My brother says that the garage was converted to another room (office) and there is a barn and carport on the property(not mentioned on HCAD site). According to the appraisal district data it was appraised in 4/03 with an appraised and market value of $180,000. She told my sister in law that she was asking $250,000, had a buyer but it fell through. She told her to tell me $199,500 and for me to call her. She is fed up with realtors because they aren’t showing it. She already fired one and is not pleased with the other.
There are 2 other properties on her street. One is appraised for $219,000 and has 2,384 sq. ft 4/3.5 bath on 2 acres. The other is on 1 acre, 2.472 sq ft 4 br/2.5 baths 2 story appraised for $166,200. The closest comps I can find are 1.75 miles away. One is for $237,937 on a 2,549 sq. ft house and the other is for $139,384 on a 1,865 sq.ft. house. Both of these houses are on much smaller parcels (11,600 for the first and 6,765 sq.ft. on the second). Most of the sales in the last year were for house with 3000+ sq footage and the values were way up there.
One more thing, my sister in law told me that she’s pretty sure her friend put at least $40k down on the property when she bought it a couple of years ago. I would appreciate your assistance with advice on how to proceed, or, if to proceed. This property is outside of my farm area and priced above what I was looking at, but I don’t want to pass up a good deal is there is one here.
Thanks for your help.