Posted by JoeS on July 10, 2002 at 16:15:30:
I personally would pass for now…not enough in there between supposed appraised value and selling price. Your inclination to wait is good. If you are low on cash this sounds like a cash-draining deal! My .02
Does this sound like a deal? - Posted by Rick
Posted by Rick on July 10, 2002 at 16:07:53:
I’m going to look at a property tonight. Here’s what I know:
4br/2.5b, approx 3,200 htd sq ft, 3 yrs old. Owner is out of state. House is vacant. Listed with realtor for 169K. Realtor claims it was appraised over 200K and seller has dropped price twice in the last year. When I asked why it hasn’t sold, the realtor said 2 reasons: 1) It’s out in the boondocks (about 30 min. from town) Also, the landscaping is not completed and there are mounds of dirt all around it. It is on 10 acres. Only about 1.5 acres are developable because of steep terrain. It is very secluded. The realtor says the seller definately will not come down any more.
It has been on the market for almost a year. I was thinking of waiting until the listing runs out and then approach the owner about a L/O. Problem is, I don’t really have the cash reserves. I read an article about making the T/B responsible for maintenance up to $300 and the seller responsible for anything over $300. That keeps me from being liable for maintenance. Does this sound doable or should I not get in over my head at this stage? Thanks again for any and all replies. I value your judgement.