Hi Mrs. Lewis,
Vicky raises a good concern about this property. I highly doubt this property is really worth $410,000, or would be worth that even after major repairs and remodelling if the price is more than 100K less. If the comps in the neighborhood ARE going for $410K, then there must be something drastically wrong with this property. You really do need a Realtor to look into this property more, or you need to at least do a lot more research yourself. You need to check with the City and county about any possible assessments, changes and/or additions in nearby roadways and highways, possible changes in zoning, and you also need to check to make sure the home is not in a flood zone. There could be many things affecting the value of this home, so you definately need to make sure you or your agent have done their research and are 100% informed.
That being said, the banks are suffering now with lots of unsold inventory on the books. They could very well be pricing the home that drastically to provoke multiple offers and get the home sold quicly and get it off the books. If you are really interested in this house, act quickly but intelligently, do your research or make sure you get a competent agent to do the research for you, talk to a lender immediately about your options as to financing, and make an appointment as soon as possible to see the interior personally before you make any offers.
Hope this helps!
Emily Arzate - Sun Nov 30 2008, 20:45
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