Newbie Help on Offer - Posted by Steve

Posted by Tim (Atlanta) on June 08, 1999 at 11:46:44:

Be careful, 1 bedroom houses are almost impossible to sell. I think that is the reason she has been holding on to the property. If you can’t sell or rent the property, it will be hard to make a profit.

Newbie Help on Offer - Posted by Steve

Posted by Steve on June 07, 1999 at 18:44:53:

I found an owner of an abandoned property near my house who has moved two hours away. She lived in the house for 15
years and moved 2 hours north two years ago. She has been making payments just over $900 a month ever since.

It is a 1 bedroom/1 bath, with fenced back yard that sits on an acre of land 1/2 mile from the largest state park in the southeast.
It has a new roof with a 25 year warranty, and is in need of some minor repairs (all cosmetic)probably amounting to about

Here is her situation:

1st mtg. $30,576.79 or 532.70 mth
2nd mtg. $19,000.00 or 360.03 mth (approx)
Has Approx. $25,000 in equity

She recently had an appraisal done for her bank on the home which returned at $75,000 and the house nextdoor sold 2 years
ago for $80,000. After repairs, I would say that those are a little high but possible.

She wants to pay of her loans and $10,000 to walk away. She was pretty firm about needing the 10k in allcash at first, but later
said she would consider a second for it.

Any ideas or pointers?