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Posted by Dawn in Ohio on August 30, 2002 at 10:15:12:
Hi All,
Wanted to see if anyone had advice on buying the foreclosed house next door. Here are the details...
4 bdrm 2 bath 1 car garage. Mortgage 100k - appraisal price for the sherrif's auction 93k. Mortgage company foreclosing is primary holder. She owes $3,500 back taxes before penalties. Property has been abandoned for 1 yr and vandalized extensively. All dry wall, flooring and kitchen cabinent/ appliances need replaced to make house habitable.(approx. $15-18k)
What's the best way to go about obtaining this property and should I offer the appraisal minus the repair costs? This would be a investment property.
I feel like I've done a lot of research, but have doubts about what to do next.Would appreciate any wisdom one has to dispense.
Thanks,
Dawn
