Is this a Deal or Dud? My Option contract.

[Account Closed]

Greetings all,

What could turn out to be my 1st deal may just be a dud. I put a house under the "option contract". The home is not the everyday home you see in the cookie cutter neighborhoods.

This is a log home with no drywall inside. 3800 sqft, 4/3 bedroom with a loft (the loft has a closet). The lot is shy of 1 acre and very woodsy. It also has access to a private beach.

Last year it appraised at 340k, They wanted 320k for it, I put it under contract for 285k. The home is paid off.

If you run comps on this property you will find they are 165k at the low and 215 at the high for Sell Price Statistics.

The problem with this property is that it will take a nitch buyer (Someone who really really love log homes). I'm considering using an auction to move it but a little worried about marketing cost.

Would you be excited about the equity if i presented this to you?

Respectfully

Eddie

[Ann Bellamy]

Eddie, I don't get it. You say 165-215K is the value, but you have it under contract for 285? What am I missing?

If this house were in the Adirondacks, or the mountains or VT or NH, I'd say you could find a borrower. But this is too much a specialty property to get way over market for this property.

I'd run