Can U help evaluate this deal - Posted by Richard
Posted by Richard on August 01, 2007 at 20:59:39:
The house needs everything! The house is unliveable right now.
There have been 2 appraisals, $240,000 and $260,000 - majority of it in the land.
ARV around $325,000-$350,000.
Can sign it around for $175,000 - and there’s talk that the bank may even go lower because more and more things keep popping up that need to be done on the house…
Figuring about $80,000 to $100,000 in work needed. I’m not looking to make a killing (obviously), but also am still working on how to evaluate a deal.
I’d really appreciate some feedback from the experienced pros here.
Is this deal a deal? Is it to skinny?
Any thoughts on how to get the bank to go even lower?
Thanks for any advice.