What's wrong with this property?

Question

So I'm looking at a house I found on the MLS.. and it has literally had more Listings/Withdrawls/back on the markets than I have ever seen. It's like a rap sheet for a repeat felon! haha.

I'm really new to the investment game so I'm curious what seeing something like this would tell YOU as a potential investor. I'm guessing that people are coming to view the property and it is in such disarray no one wants to take it on...

Here's the specs on the property if that helps. It's in a very trendy part of Denver in a really hot market.. so whats the deal?!

Ranch/1 story home

List price $145k

2 Beds/1 Bath

800 SQ FT

I would love your input!

Matt M. · Answer

None of the above. This is the common wholesaler attack. Different wholesalers are tying up the property and releasing it. Since they cannot close or sell the paper, they drop out of contract. You see it a lot on the MLS these days.

If you are on a few wholesaler lists, then you'll see that same home pop up.

Bill S. · Answer

@Jamie Madril so your speculation is off a bit. Listings/withdrawals/back on the markets tell me that the owner is the problem. If this is with the same agent then it's over priced and they are trying to work to get someone to bit. If it's not the same agent, then the owner is firing agents because they can't sell it for the price the owner wants. The bottom line is it's over priced and the owner won't lower it to a realistic price. No property is "in such disarray no one wants to take it on...". Rehabbers love those properties because they don't have to compete with retail buyers for them. The bottom line is it costs more to buy it and to fix it up than it would sell for fixed up. In it's present condition it probably would not qualify for conventional financing. What is causing it to be over priced is anyone's guess like @Dan Mackin said. Some common items are things like missing kitchen or bathroom or bad furnace but could really be any number of things or combination of things.

Dan Mackin · Answer

Those specs don't detail enough about the property for input other than vague speculation. What's the MLS number?