Is This A Good Deal To Move Forward On?
I am thinking about putting a contract on my first property. The details are:
Asking price - $85K
Appr. - $130K
The owner says it needs some work as well. What info do I need to get from the owner to determine if the numbers work or not. What strategy would be right for this prop.?
Thanks
Finding out exactly houw much the repair costsa are would be the first step,
did you pay for the appraisal? Find out who did the appraisal and make sure it is accurate (we've seen some very questionable appraisals over the last few years.
Drive by the comps listed and make sure they seem accurate.
Also, find out if the seller will work out terms for you to lessen your acquisition costs.