Any guesses what’s going on here? (LONG) - Posted by Tim
Posted by Tim on May 18, 1999 at 13:12:42:
Anybody have any guesses what’s going on in the following situation?
I was out looking for overgrown, abandoned, fire damaged, and otherwise clearly distressed properties for wholesaling last evening when I came across what seemed to be a good candidate. Tall grass, boarded up, in a neighborhood in city limits in an area where people seem to care about the appearance of their property. My estimated after fix-up value, approx $42K - $45K TOPS (probaly more like $32K - $35K). I would not offer more than $10-$12K as is.
Went to get some info from the courthouse so I could call, send a postcard etc. to tax address. This property transferred via Sheriff’s Deed in January 1998 for $16,200 (probably too much by the looks of the property now.) May 1998 it transferred again to a person with the same last name for $75,000. Of course, given the neighborhood, NO WAY ever worth this amount. Again, same last name makes me go Hmmm! No taxes paid since first Half 1998, total outstanding taxes due seems to be $13,720. Soon to be sold again by the Sheriff, I would guess.
So what do you think? Shoudl I steer clear of what may seem to be a fishy situation? Any advice or guesses would be great.