Property 'A'
Description: 1955, 3/1, 1104sf (on 1 acre)
List Price: $36,000
Assessed Value: $85,000
Type: Bank REO
My Comments: It has a septic system, but no repairs are listed in the description. The land value alone is assessed at $35,000, so a complete rebuild would probably net a nice profit.
Picture:
Property 'B'
Description: 1940, beds?/baths?, 1282sf
List Price: $47,400
Assessed Value: $102,289
Type: Bank REO
My Comments: Another OLD property. Located in the heart of an outlying city. Need to really do research on this one as it could look like a diamond, but really be a piece of sharp glass. Land value is only $18,000.
Picture:
7 comments:
It never ceases to amaze me the amount of informaiton one can find on the web.
I looked up some information about property 'A' on the county clerk's web site. A deed was signed in May/1995 for $49,000 for the property. A Substitute Deed of Trust was issued in Jan/2004, and the property went for auction the very next month. I figure the bank has had this in their pocket for over a year now, and are more than willing to take anything to get it off their books. Heck, I may offer $10k for it just to see if they want to unload it.
Okay. Without even doing a visual inspection of the property (except for the picture), I emailed my agent with an offer of $15,000. I'll go out there today or tomorrow and look at it 'up close and personal.'
Without mapping property 'A', I had a general idea where it was located. However, after mapping it, I'm even more excited. There is going to be a big extended university learning complex built in my area. My agent told me that for buy-n-holds, I should concentrate on this area. It just so happens this property appears to be right down the road from this future complex. Knowing this information now, I have a plethora of ideas on what to do with the property AND the land. Flip retail, L/O, rent, tear down and build an 8-plex, just build another 2-/4-/8-plex in addition to this - just a lot of scenarios I have to think through IF/ONCE I get the property. ;-)
This is so exciting.
Tear down with a multi-unit in anticipation of students and low paid associate professors.
What's the area like?
DANG!!!!!!!!!!!!!
I just got word from my RE agent that property 'A' is already being closed this afternoon.
AAAAAARRRRRRGGGGGGHHHHHHH!!!!!!
How long had it been on the market?
jonnyq -
Not sure how long its been on the market. My research shows its been in the bank's hands for about a year now. I could kick myself for not expanding my farm area sooner, or I could have gotten this property.
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