Home Buying in Lagrange>Question Details

Beth, Home Buyer in Georgia

How would you go about trying to get a house at the same cost or just a little more than the owner?

Asked by Beth, Georgia Fri Nov 16, 2007

There is a house in Lagrange, GA that was bought from an auction in August 2007 for $57,000. The buyer turned around and put it on the market for $79,000. The house is in bad shape and is in the same shape it was when he bought it. NO work has been done and he jacked the price up $22,000. I would like to buy the house for no more than the price he paid, because it needs at least $20,000 worth of work. I can prove that it is the same house that was in the aution and that nothing has been done.

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It doesn't matter what you can prove. If the buyer bought the property at an auction and probably got it under market value, he can set any price he thinks he can get for it as the price to sell it for. You can also offer him whatever you feel the property is worth. Either he will accept, reject or counter on your offer.
Have you looked to see what property in the area sells for. If most homes sell for $100,000 and you pay what he is asking or say $70,000 and have to put $20,000 into the property to get into good shape, you are still $10,000 ahead in property value.
3 votes Thank Flag Link Fri Nov 16, 2007
I am sure the buyer bought the home at auction or order to turn a profit. I seriously doubt if he will sell it for what he paid for it. As an investor, I would not.. Have you thought about hitting the auctions yourself? Attend a couplke before you actually bid to get a lay of the land. Good luck.
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Sun Nov 18, 2007
Cindi Hagley…, Real Estate Pro in San Ramon, CA
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