Posted by Mr. C on August 29, 2003 at 20:12:53:
House appraised for $107,500
Listed for $98,000
Seller owes approx. $85,000
I would like to offer $90K for this and either L/O or sell on a wrap for $115-120K.
The REAL value of this property is in the land and it’s improvements, not the home (why else do you think no-one wants to loan on it?)… and it’s rather unlikely you’ll find a buyer who’ll pay MORE than appraised value… not to mention that between the realtor and closing fees, the seller will barely break even… resulting in little to nothing left for you to pocket.
Walk away… better deals await your efforts.