POSSIBLE DEAL????please help??

well been searching long and hard and came acroos a possible deal. let me know what you guys and gals think.

asking 184900.

said his absolute lowest would be 179900. if buyer pays closing.

from what I gathered, possible repais 10k

maket value from comps i could find range 215k-235k

he is already behind on his payments a few months and he needs out quick. he said no go for sub2.

market here is slowing down and is definetly a buyers market.

this would be my first deal, if it is a deal??? he has owned house for 1 year and cannot afford the mortgage. its FSBO and has only advertised since monday. other problem is I still have yet to locate any buyer/investors.

please let me know how this sounds, thanks in advance.

You are saying “market is here” – here where? In what condition is this house? Does it have any liens on them? If seller behind a payments there could be many reasons and liens I would check first. And if it is your first deal, you should have a professional help for sure. You could get yourself in trouble very easily. I still didn’t answer your question if it is a good deal or not. Please, consider everything that I said before and decide after that.

Thanks for the reply. I am in Albuquerque, NM.

house is in good conditions needs minor things thats what I allowed the 10k for. you are right i definetly need to find out if there are any liens.

just found this if helps??? got it from homesmartreports.com

Property Information
Last Sale Amount: $214,668 Building SqFt: 0
Last Sale Date: May 31, 2006 Cost Per SqFt: $0
Assessed Value: $102,482 Lot Size: 0 SqFt
Assessed Improvement: 77% Bedrooms 0
Stories: 0 Bathrooms: 0
Important: This information is meant as a guideline and may vary from the actual characteristics of the home if additions or changes have been made to the home. The above information is taken from public records available from county tax assessor records.

It helps… a little. You still do not have any lien info.

If your market value is correct, you’re looking at a $215K price prop.

Lowest acceptable offer by seller is $180K plus closing costs (approx $6K total ) Total = $186K

avg monthly pymt $2K x 6 months to sell = $12K

Agent fees 6% x $215K = aprox $13K

$215K - $25K = $190K - $10K in repairs = $180K or minus $6K to you. Good Deal or not?

This also assumes that you pay no closing costs on resell (likely to pay ALL in slow market), and no negotating on price (definitely not going to happen in slow market).