Posted by Mrarc on July 26, 2001 at 20:48:06:
If this property is still available… which city or area is it in? I would be interested in the East Coast. Thanks
possible great opp’ty on Monday -2 big 4 me? - Posted by Elena
Posted by Elena on July 20, 2001 at 08:07:35:
This forum is incredible - thanks to all and especially to Ed Garcia.
This is the deal - a foreclosure of waterfront property - 5 acres with a 20 year old 3200 sq. ft. 4 bdrm 2 1/2 bath split that probably needs updating and everything else that goes along with a 20 year old house. Owners owe @ $480,000 including $75,000 interest. It’s a very upscale, desireable neighborhood, houses range from $400,000 - $1million. This is one of the largest lots and waterfront that makes it very desirable. It’s assessed at $620,000 which is probably close to FMV. It’s a seller’s market here with nothing available in this neighborhood.
I haven’t done this before and the numbers scare me. The auctioneer wants $48,000 cash. I don’t have it, nor do I have the funds to carry the house until it’s sold. Where would I get the money for this? Thanks in advance.
Re: possible great opp’ty on Monday -2 big 4 me? - Posted by Ed Garcia
Posted by Ed Garcia on July 20, 2001 at 09:59:07:
Elena,
My first question is, did you make a typo and mean $480,000 Cash when you said the Auctioneer wanted $48,000 Cash?
Ed Garcia
Re: possible great opp’ty on Monday -2 big 4 me? - Posted by Elena
Posted by Elena on July 20, 2001 at 16:34:43:
No error- the terms are " A deposit of $48,000 by cash or certified check. Balance to be paid in cash within ten days of final ratification of sale by the Circuit Court. The owner owes $480,000 so they’re looking to get 10% down.- I don’t know how long it takes the court to ratify the sale, but I don’t imagine that it’s too long. Thanks - Elena