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Posted by Joe-Chicago on August 31, 2002 at 09:07:40:
In Reply to: Advice on buying vandalized foreclosed house next door 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
Dawn:
Instead of getting an appraisal, try to find comparables for the property. You can do this through a realator or buy going on line.
Be sure to add a safety factor in your repair costs. I have had many suprises after starting a project, that's why I use a 5-7% over estimate for repair costs.
You may also want to check out this website
www.NoteBuyersGroup.Com for creative financing for your project.
Joe-Chicago
