The home you are inquiring about is a bank owned foreclosure that was listed on November 11th for $44,900 and quickly received multiple offers and it is currently under contract but there are contingencies so if you want me to notify you of any changes just let me know.
It is important to know that the home has Chinese drywall and that is why it was priced so low. The proper remediation is expensive but can also create some excellent opportunities for astute buyers that can pick up infected properties as bargain prices. If the purchase price, remediation costs and carry costs during the remediation are below true market value it may be worth pursing. You will find that qualified contractors who do a professional remediation will end up costing $25 to $35 per total square foot so it is not inexpensive. The process can also take 3 to 4 months depending on the size of the property and the scope of work. On this property to properly remediate you are probably looking in the neighborhood of $55,000 to $77,000 not including holding costs during the process.
I hope this information is helpful but if you need anything additional please do not hesitate to give me a call.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty