Just wanted to report that the real estate deal I was working on a few days before did close. To recap: the house was sold for $84,000 in 2000. It went into a foreclosure, and was listed by the bank for $17,400. 3Br/1.5Ba on a quarter of acre of land with a fenced back yard. Vinyl siding, new vinyl windows, new copper water pipes, updated electric, hardwood floors underneath a very trashed carpet. My client actually offered $15,400, and the bank accepted. The bank further offered us the opportunity to use their attorney which brought the cost of the closing to $250, and the bank paid for the cost of the Title insurance. Do your math!
My client plans on replacing the carpet in the entire house, and repaint the inside. There is also about $100 worth of repairs needed on the furnace fan, and $450 to do a termite treatment for the inactive infestation. After that my client is going to rent it out.
This sure feels like the good old days when they were giving land away for free in America to anyone who would work it.
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