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Is this a deal?

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Posted Aug 3 2008, 10:50

Hello,

I am new, but learning a lot, and my last post was just like this one - seeking opinions on a possible deal.

In my area I found an REO on the MLS for $70K, while other houses that are comparable on paper are listed for nearly $100K and selling. This house needs TLC, but the ARV is probably $80-90K, right? (if similar houses are selling listed at $100)

Obviously I have no idea what kind of work needs to be done on this place. Should I call the realtor and get a showing? Drive by and peek in the windows?

If this is a deal, I will not be surprised if it slips out from under me b/c I waited too long. I want to wholesale the property, but at this time I don't have a buyers list, so I would have to make one fast.

How should I find out what repairs are needed?

Thanks!!

Ben

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