Posted by Irwin on June 07, 1999 at 08:00:12:
If Beneficial “bought it” in Feb '99 for $102k, Isn’t Beneficial the seller? I suspect they foreclosed and that’s what their debt was. Or, the debt might have been more, but that’s what their bid appraisal was. If that’s the case, $102k would be my first offer.
I can’t say anything about prices or market conditions where you are. You mentioned one nearby house, on less than half the land, selling for $180. But you also say that it’s in an estate area with listings from $225k to $2mil. If that’s the case, the lot might be worth $160k. Wealthy people who want a particular area will often pay that for a home and then tear it down and build something expensive.
It sounds like repairs might run $15-20k before your through, plus the road improvement adding $???.
You ought to get a better handle on the after repairs value, so study this one thoroughly before you jump in.