Pittsburgh area foreclosure,first deal, is this a bad sign?
HI, i posted about this property a week ago and i have a follow up question. would you be interested in a property that has been on the market for a very long time? or would you make assumptions that something must be very wrong with it and walk away?
it's a distressed property so of course there are some things wrong.it's freddie mac REO, way past the owner occupant period which ended in january 2018. it was originally listed at 50k dec 2017. went under contract in july at 42k, now it came back at 38k. but looking on redfin it was on and off the market since 2012.
its in a neighborhood where houses are selling between 70k - 135k. in fact the 135k looks just like this one and its on the same street. on the inside it's pretty nice, seems like just paint and flooring. might need new mechanicals etc and some mold in basement.
so as a newbie i'm thinking, what am i missing? is the fact that no one else has bought this mean i should steer away from it? it's in new ken in a nicer neighbor hood of that area. hoping to walk through a 2nd time this week with contractor friend of mine to get a rough idea of total costs for everything before moving forward with an offer.
thanks in advance for any input!