Posted by Travis (Dallas) on July 01, 2001 at 14:15:56:
Would anyone want to build or move a house onto the lot in that neighborhood? Check with the City/Survey to make sure that the area/lot will allow a house to be built on the lot. If the lot is truly worth what you say & is buildable, you might be able to trade the lot for equity on a house, etc. Otherwise there may not be much of a deal in my opinion.
Good luck.
Travis
How to deal - Posted by Roy gardner
Posted by Roy gardner on July 01, 2001 at 13:21:29:
Information I have,
760 SF. house with 2 two lots, comps, lot with house $43,600, vacant lot $20,200. Total est value $63,800.00
Owner asking $45k owes $38k to Hunington Bank, payments $557.00. He said, he will be happy with $5k cash. Both lots included in mortgage. Mortgage is 2 (Two) years old. The man did (sold) owner finance and had to foreclose, has just got house back after the foreclosure. He said the house doesn’t need much work.
Re: How to deal - Posted by JoeKaiser
Posted by JoeKaiser on July 01, 2001 at 14:53:17:
Go pull up the earlier sale docs and see what went down the last time he sold. You’ll have a good indication of the real story with the actual docs in hand.
Joe