I ran across a property that was vacant w/a phone # on the front porch. I called the # and spoke with the owner. She was very willing to talk with me. She even gave me the combination to the door to look around. I know it will need some rehab work, how much not sure until I go look around. She never lived in the house. She originally bought the house to rehab, but ran out of money and time. She lives out of town and sounds eager to get off the property. She wants $85000 for the home, but seemed unsure when she gave me the price. She says it is negotiable. I can tell by 1st glance it is not a $85,000 house just from the neighborhood alone. It is not the projects, but neighborhood is obviously a low income. I tried to run comps but no house have sold within a 2 mile radius according to Eppraisel. Eppraiel says it worth $113,000. I know that's not accurate. The closet house they had that was sold was about 8 miles away. Houses around the area look like they run no higher than $60000. I can't afford for an appraiser to look at it for me if I am not sure if I am going to buy it or not. This is when it pays to have connections. I am not sure how much equity she has in the house or what she paid for it in (tax records say had 4 purchase dates, but only gave the price for 2004/$52500 order to make a reasonable offer for me. I will go look inside today to get a rough estimate of what it will cost to rehab. Can anyone offer any advice? What should I do next?
Leroy
