Posted by Heather_Tx on July 24, 2003 at 22:45:10:
There isn’t enough info to tell if it is a deal or not, but I learned to definately NOT go by the Tax assesor Value, On my home, it’s 20K off Market Value.
You need to find the comparable sales in that small area, and also what rents go for if you plan on holding it and renting.
Hope this Helps,
Heather_Tx
Is this a good deal? - Posted by Andy
Posted by Andy on July 24, 2003 at 17:05:17:
Hi,
I am a newbie and have a first deal offered to me by my neighbours.
Like to know if this is a good deal ?The buyer is motivated to sell because the property is going foreclosure soon.
Tax access value=$78k
Offer to me =$58k cash price.
Currently Rent for =$750 per month.
Property tax= around $1800 per year.
I am thinking to buy and then resell it for a profit.
Is this a good bargain and investment?
Appreciate your advise.
Thanks,
Andy
Re: Is this a good deal? - Posted by Ronald * Starr(in No CA)
Posted by Ronald * Starr(in No CA) on July 24, 2003 at 22:58:00:
Andy----------------
Yes, it is a good deal. Buy it. Get a deed, leaving the current loan in place. Then sell to somebody who gets their own new loan.
Oh. You did check the condition first, didn’t you? You will have a house inspector, right? Sign the contract first. Then do the inspection and get a report on the title–are there other liens and so on.
Good Investing*Ron Starr