Updated about 12 years ago on . Most recent reply
Sheriff's sale deal
Ok, the deal I'm researching is up for sheriff's auction next week and I'd like a little input on what you guys think of this deal. Foreclosure notice lists the judgement for $93,293.93. Tax assessment is $166,600. House sold in 2000 for $135,500. 2 yrs back taxes of $7,800 and delinquent water/sewer bill of $350 still owed. House needs very little in the way of repairs but I was estimating $10,000 just because I'd want to update the main bath and possibly the master bath. Kitchen has already been updated. Other homes in the neighborhood range from $144,000 on up into the $200,000's. My thought is I could sell the home for around $155,000 or so. The only possible issues I see are at one time the back basement wall had caved in but that has been repaired and the other is that there is some sort of radon unit coming out of the basement. There will be some other costs such as interest, current taxes, other holding costs, etc. What are your thoughts on this?