Seeking advice on a first time purchase.

3 Replies

There is a home here in NJ that I recently seen for $16000. I have not physically seen the place only a photo. It is a single family 4 beds and 3 baths 1300 square feet. There is some slight fire damage in the front. The house is also a FSBO. Is this deal to good to be true? I haven't crunched the numbers as of yet. What can be some underlying issues? Lien? Bad title? What?

Originally posted by @Derek Bailey :

There is a home here in NJ that I recently seen for $16000. I have not physically seen the place only a photo. It is a single family 4 beds and 3 baths 1300 square feet. There is some slight fire damage in the front. The house is also a FSBO. Is this deal to good to be true? I haven't crunched the numbers as of yet. What can be some underlying issues? Lien? Bad title? What?

 Don't hand anybody any money until you get a Title Report and verify the owner. Also, it might be tied up in a lawsuit if the fire was arson. If it is a kitchen fire, or such, it probably needs to be rehabbed to the stubs. Look at Redfin.com and Zillow.com and see what they say the value is. 

Pick up the phone and get some answers from the seller while building rapport. Good luck.

Ok will contact the owner and look at the title to see what is going on. 

Thanks

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