vacant house - Posted by Esther

Posted by jessie on November 20, 2000 at 21:32:17:

my hubby and i toured a
house with a realtor bout
a year back and it was an
old type house with weird
noises. the realtor refused
to go inside because she was
afraid. you could tell even
though she said she was
clostophobic and not afraid.
we went home and this thing
from the house followed us.
we finally had to move to
another place just to rid
ourselves of the spirit. now
it’s at our new apartment. i
wish dearly we’d never have
looked at that house.


vacant house - Posted by Esther

Posted by Esther on November 17, 2000 at 11:40:38:

Hi folks, I might have one of those run down gems here.

I am struggling through the Carleton Sheets program and all of a sudden the house next door becomes available (It must be a sign :0) Our neigbour committed suicide in February and the house has been vacant now for about 2 months(he had a roommate).
From the outside it looks like it is not in bad condition but needs some cosmetic changes. His ex is the executor of estate and I have contacted her.
She will show me the house tomorrow. He bought it in jan 98 for 126,000. I called the tax county office, the amount due is 115,880 and appr 1,400 in taxes. Does that mean there is only about 10,000 equity? It went into foreclosure in June and will be auctioned in December. Is there still a deal to be made here. Not much equity and already in foreclosure status. I already have a renter ready to move in if I am able to purchase it. I have no cash but own my own home and could do an equity loan or something. I am pretty much overwelmed with all the different creative finacing techniques and would appreciate someone to walk me through this first purchase.

Vacant House / Disclosure Laws - Posted by LEARNED THE HARD WAY

Posted by LEARNED THE HARD WAY on November 20, 2000 at 02:29:42:

You might have to disclose that a suicide took place. Also, I would not even think about it unless I got a decent psychic to go through it and check to see if it has a lot of negative energy. Maybe the guy committed suicide because he couldn’t pay his bills. Places like this need a spiritual cleansing - and some of them will always be bad luck for te owner-whoever that is. Be careful. There are lots of deals that have a lower probablility of being haunted. And if it is haunted your tenants will never stay.
I learned this the hard way.

Spooky House Appreciation? - Posted by Rolfe Kurtyka

Posted by Rolfe Kurtyka on November 19, 2000 at 23:37:21:

Since the house was purchased in January of 1998, and January 2001 is around the corner, there seems to be at least the potential for 3 years of market appreciation. In my marketplace, that would be a very substantial number - around here, property values have been increasing at 5% to 15% annually. Is there appreciation in your market area? Try to get some “sold comps” for the area. If you live next door, you may have a good idea where values are going. Foe example, if your market has been appreciating 3% per year, then the house would now have a fair market value of $137,700. If you can buy the house at 115,000 plus the 1,400, that would leave about $20,000 equity in your asset column.

Good Hunting! Rolfe

Re: Probably no equity at all - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on November 17, 2000 at 15:14:20:


Without having more info, it appears that there is probably no equity at all. Consider this:

There are back payments to make up. You did not say how much the payments are but it is safe to assume that they are several payments behind (to trigger a forclosure)

Other costs will also be involved to buy this property such as legal fees and , oh yes; paying the person who is executor of the estate (in my state that fee alone can be 4%).

Then as you mentioned the taxes need to be paid.

You might want to offer to lease this one from the estate, and sub lease it to your tenant; taking an option to purchase it later.

Right now it looks like No equity, (no deal) to me.

You might also want to post this question on the main board for a lot more response.