HELP...need advice on great deal!

Ok, I have had my eye on this house for a while. The house is in poor condition. At first I didn’t think anyone lived in it. Well I knocked on the door and guess what, a lady answered. I asked her if it was for sale, she said maybe. I immediately went into bonding/investigative mode!

Turns out she has all sorts of personal drama going on and the house is a HUGE burden. Her parents owned it and now she wants something of her own. Right off the bat she said she “wasn’t going to give it away”. Said she wanted $200,000 for it. I would say it needs 20K in repairs at least. It’s on frontage road in a great area that is up and coming, new houses/sub divisions etc.
There are 30 acres of land behind the house for sale by her neighbor at 100,000 an acre! This lady seems MOTIVATED to sell her house. Says she owes $9000 on the mortgage. The tax assesment is $157,000. Comps in the area are anywhere from 170K to 400K on up.

Please throw some suggestions out there. I feel this is a great opportunity and I don’t want to lose it! I feel she would be out of there tomorrow if I threw some cash at her!

Thank You!!! Chad

Hey Chad,

I really don’t have the experience to give you advise, but it sounds like something I would jump on. Are the new construction houses already there? Are there alot of properties for sale right by the house?