Please give opinion on unique possible first deal - Posted by Tim
Posted by Tim on December 23, 2000 at 20:32:37:
First of all, Merry Christmas to everyone visiting the greatest web site on earth!
There is a house that I’ve been tracking & gathering information for the past several months. This will be my first deal, & I’m kind of nervous! 4bd. house…comps are 110-120k+…this house has the largest sq ft. & lot sq. foot of all the comps…been vacant about 2years…homeowner filed for bankruptcy which the cased closed about 1 year ago…homeowner owes about 4,100k in back taxes, & about a 74k mortage…as per homeowner, she told me specifically that lender told her that they would have to accept around 50k from me due to all the damage on house…from outside can tell it needs alot of work,but looks structurally sound (no foundation problems)…homeowner told me at one point house was appraised at 116k, but 2 years ago was appraised at 39k…status now - waiting on homeowner to fax her authorization to lender allowing them to show me inside of house, in which I was planning on bringing a contractor with me to give a rehab estimate…lender told homeowner that they were’nt even planning on foreclosing & were going to right it off. I’m still a newbie, & if anyone can share your opinions as to what you would do I’d greatly appreciate it. Merry Christmas!