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George P.
  • Real Estate Investor
  • Baltimore, MD
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Listed SS is abandoned - good or bad?

George P.
  • Real Estate Investor
  • Baltimore, MD
Posted Oct 14 2011, 06:58

Came across a listed SS (on the market for months already with asking price gradually dropping from 160 to 125).
Drove by it and discovered that the property is vacant:

The property does not look so bad. Kind of jungle in the back, but not so bad in the front:



The TH was purchased back in 07 for 220k, 100% financing. Current lender - BOA (just purchased the loan in September, 3 weeks ago).
If in good condition inside, worth about 115-120 (currently listed at 125).

I didn't contact my agent to look at it yet, just doing preliminary DD.

* Vacant - is it good or bad for the buyer; would the bank be more inclined to sell faster?
* BOA - I understand they're tough to get a discount from ? When they purchased the loan, the property was listed as a SS already.
* Are my chances slim to none to get it for 105k?

Would like to buy and hold for good - decent area with rents in 1300-1400.

Any feedback is appreciated.

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