Help - got heartburn over this one - Posted by SueC
Posted by SueC on October 31, 2000 at 12:50:34:
Well, as a newbie I made two of the biggest mistakes newbies can make, bought in a neighborhood I don’t know, and for a price that was too high. Seller is someone I know, I didn’t want to insult her (but apparently I didn’t mind losing money.)
House appraises at $90K, I offered 75K as-is and it was accepted, have $5K into it already with at least another $3-4K to go - then found out the fireplace needs work for another $2K. Plus - I may have holding costs up to a year on this one, nothing is moving in this neighborhood, there are dozens of props for sale here. I want to back out of the deal and lose the $5K, before I lose at least $5 in holding costs and add’l work. I don’t know about the rental market, but I’m guessing it’s slow too, not a desirable area.
Although some recent comps are in the 95-100K area, I don’t know how long they sat before selling. My asking price is $91,900.
I thought rent-to-own might move a house here, but the calls I’m getting are for folks who can afford about $450 a month.
I figure this is just an expensive lesson, cut my losses and move on. TIA for the feedback.