Yesterday, I came across a home for sale by owner. It’s been vacant for a couple of months and was appraised last August for $508K. I’ve only been investing a month and eventhough I’m not as confident as I’d like to be, I contactd the owner via email and he wrote back by the end of today. I have yet to see the property, but the owner states that there is around $20K in repairs needed. The owner wants $475K for the house.
Can I make something happen? What else do I need to know? Any help would be appreciated and if I close this deal with the help of someone in this chatroom—that person will be glad they helped me…again, what can I do? If you need more info., let me know. Below is the owner’s email response to my inquiry:
Yes the house is for sale
and in very good condition. The house is vacant and
move in ready. The only thing the house really needs
is updated counter tops and maybe flooring if someone
doesnt like the saltillio. The house was built in
1979 and is on 1.4 acres of horse property fully
fenced and gated in cave creek. The house is 4 bed 3
bath and is a tri level home. The house is very
rustic with a vega pole ceiling. There is a 12’ high
by 10’ wide stacked stone fireplace that we did. I
put in brand new windows and @ $8000 of new solid
knotty alder doors. The inside was painted 7 months
ago the outside was painted in july. Two evap and ac
units are @ 3-5 years old and the roof is 4 years old
and foam. The front patio was also remodled. The
mortage is not assumable with a balance 0f 235,000 at
5.25% 30 fixed and a 200000 2nd. I have an appraisal
as of 8/31/04 that is $506,000 and would like to get
475000-480000 if it is sold with out and carry backs.
if you need more info let me know.