BEST ANSWER
FIRST ANSWER
You are just now wondering what the property is worth? Ma'am, you need to do your homework before putting your money down. What happens if the property you bought at auction is worth $100K and you spent $110K. Right there you got taken. Now, seeing you went to the property only to find out it needs a lot of work. Perhaps at least $25K. Now you're really in deep. If you were in touch with a real estate agent, they could have told you before hand that the property is only worth $100K IF it's in good condition. That way, you could have gotten estimates on what it would cost to renovate the place in the area. Which means you would have seen what the most you should be spending on the property.
Now, to answer your question, call a local real estate agent and have them give you a market analysis for the property. They are usually free.
Hope that helps,
Terrence Charest, e-Pro
Mon Sep 14 2009, 14:25