Does the Junk Yard next door hurt the property, how much?

1 Reply

Okay okay, so yes there is a not so bad 3 bed 4 bath house in what you would call a very nice area, great school, low crime, for 50k. The major downside (besides a few repairs) is that it is right next to a junk yard, with like 50 cars in the back lot. The property has a high fence, but how much impact will the junk yard have on 1. renting the property, 2.flipping and selling the property?

Thank you all

Side note, If a bank buys a property for 3,000, and is trying to sell if for 50k, has anyone had good luck getting a bargain in this situatuion? or do they tend to be extrememly firm with their number. Granted i realize this is a generalization, i am just looking for anyones past experiences. Thanks again.

Originally posted by @Vincent Somma :

...

Side note, If a bank buys a property for 3,000, and is trying to sell if for 50k, has anyone had good luck getting a bargain in this situatuion? ...



What do you mean by "bank buys a property for 3,000"?  Banks don't buy properties. I'm going to guess you saw a property go to the bank at a sheriff sale where the bid amount was roughly 3k; that is the bank bidding "costs" at the sheriff sale. But the bank almost certainly had a much higher amount that a third party bidder would have had to outbid in order to get the property. "Costs" is simply the expense of conducting the sheriff sale; that is always going to be the minimum bid amount the sheriff will allow at a PA sheriff sale, because the sheriff wants to be paid. 

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