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There are people going through property records constantly looking for a potential target for a trumped up law suit. Be careful with an attractive paid for property.
how can anyone honestly tell you if it's a good buy or not without looking at the property or know the price?
if it is 20%+ below true market value, then obviously it's a deal.
Get the contractor to give you estimate on how much the fixup will cost, then look at the tax record of recently sold properties near by to get a true market price, if investment check the nearby rental market/price to make sure return is <=20 years.
Then make sure you get a good attorney who knows what they are doing. And decide for yourself, noone else can give you the answer you are looking for.
Regretably there are those that make a living by suing people. It does them no good unless the mark has something of value. Paid-for marketable real estate is a good one. Go into the property records section at a court house a few times and you'll often notice the same faces there. Some are legal assistants, some are petroleum landmen, and some are scam artists looking for a lucrative target.
a lawsuit target? sounds a bit too paranoid for me./ guess anyone is that at anytime...
This seems a good deal. Here in Orlando most of the sales have been cash so that is a normal in this market. If you flip you best put some added value in it otherwise the feds may look closer at the deal.
Regretably there are those that make a living by suing people. It does them no good unless the mark has something of value. Paid-for marketable real estate is a good one. Go into the property records section at a court house a few times and you'll often notice the same faces there. Some are legal assistants, some are petroleum landmen, and some are scam artists looking for a lucrative target.
We bought it and we've already had a few people ask us if we're going to resell since it looks so much nicer since we've moved in. It sold for well over 1.2million in 2007, and is probably worth around 700K now. Although many of the houses in this neighborhood are selling for more.
We bought it and we've already had a few people ask us if we're going to resell since it looks so much nicer since we've moved in. It sold for well over 1.2million in 2007, and is probably worth around 700K now. Although many of the houses in this neighborhood are selling for more.
If the house has the things you need and is in a location where others are paying more for similar homes then I would says the purchase seems to have been wise...
Personally I would go a little crazy having that kind of cash tied up my personal residence, but those sorts of things are really more about mindset than any "financial formula".
It is good to hear there is some healthy activity in your area for higher end homes. Maybe prices will get back up to 2007 levels...
There are people going through property records constantly looking for a potential target for a trumped up law suit. Be careful with an attractive paid for property.
Yes and make sure the title abstract is clear. many foreclosed and short sale properties are not clear in title, and also in protracted litigation with liens etc. Get a real estate attorney, a realtor does not know the statutes and how to clear title.
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Probably a smart move...
