Question?????

Foreclosures, Short Sales, Tax Foreclosures
1

Hello all,
Of course you can tell I am a newbie from the subject line :slight_smile: I have found a pice of property that I think will be worth looking at(foreclosure as-is). Sale price is $46,000 and it’s a 3 bdrm 2 bth 1966 sqft home. I spoke with the realtor and they said that there was something wrong with the driveway. She stated that you can’t even drive up to the house. My thing is how can I see if that $46,000 is a good price. I know that driveway will have to get fixed and she said there are other repairs that need to be fixed inside the house. I tried looking up the market value for that area or address with no luck. Just need to know how to proceed from here. Thnaks for any help.

Kenneth

2

You might want to try and find a buyers agent that is experienced with REO property in your area that can do a CMA for you on this property. That will tell you what it should sell for once it’s rehabbed. Then you’ll need to figure out what it will take to fix it, your holding costs, your re-sale costs, profit, etc. in order to determine what you should ask for the property and whether or not it is a good deal. Good luck.