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05-16-2008, 06:25 PM #1
Renter
- Join Date
- May 2008
- Posts
- 3
Pro Investment Opinion needed
I need your opinion in the following scenario. A home that has a rough estimated value of 300,000 (very low end is 280,000 and high end is 340000) has been foreclosed on. I am now working with the lawyer acting on behalf of the shortsell. I am making an offer of 215000 on the home and plan on taking a 3 year interest only mortgage to give me enough time to make a couple of fixes and sell the home. The plan is to buy and sell the home within a year's time. It's in fairfield county, CT where homes haven't dropped as drastically in other places. A 3 bedroom home, 2 bath, 1650 sq feet, and in addition has an inlaw apartment with full kitchen (shared laundrey). Do the experts on here think this sounds like a good idea? and what other "main" facts should I be looking into and considering while making this purchase? I appreciate everyone's help.
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05-17-2008, 06:03 AM #2
Condominium
- Join Date
- Apr 2008
- Posts
- 148
This is infact is a great plan. If you can work on to do a deal on it for the suggested price. CT hasn't had a bad year yet, but if you are in other places such as Cali of Florida. This might be a bad idea. I think you have a chance to have a good sale maybe on a few tweaks you can sale the home to 250-275K range.
Jron Magcale
Real Estate Marketing
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05-17-2008, 09:28 AM #3
Renter
- Join Date
- May 2008
- Posts
- 3
Shortsell Opportunity
Thanks JRon, I appreciate your opinion. I'm pretty sure I've thought everything through but if anyone can think of any hiccups that I may run into, I'd like to know in advance. Thanks again.
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