Posted by Andrew Graham on July 24, 1999 at 17:30:25:
First of all, I would never take the realtors’ word on how much work the house needs. Second, what the house tax appraises for doesn’t matter at all. If you had comps done on the property then you should use those to determine value, that is if they are righteous comps. If you have a question about the comps the best thing to do is to physically visit them. Third if you look at the comps and the value is what you think it is, and if the realtor happens to be right. I believe with the info you have given you are getting a decent deal with a land contract. Of course if he would do a land contract, I would think he would do a L/O. If the info you have given is correct, go for it, and remember if you can get it for less, it never hurts to offer less.
Posted by Richard H. on July 24, 1999 at 09:06:16:
Hello all, Well here go I was looking at this house refered to me by a realtor. She kept bringing up the house so I decided to check it out. The house is in need of repair I say about $3000 worth of work(realtor thinks). I had some comps done on the property and found that the same house has been sold several times in the last two years. The most recent price for the house is $22,500 as of Feb.'1999. The current owners/landlord are asking $22,500 with a land contract terms. The tax asessed price of the property is 36,500. I was wondering should I try to go after this property or move on. I was thinking about offering say around $14500(36500-17000-3000-2000=14500) all help would be appreceiated.