OfflineI need to know what I can do with this Property..How do I act on it..She told me that she dont even care if she makes money she wants it gone
Estate Sale Condo
Date: 2011-08-31, 8:51AM
ESTATE SALE CONDO. MOTHER PASSED AWAY AND LEFT US CONDO. MUST SELL. CONDO HAS LAKE VIEW FROM SCREENED BACK PORCH. COMMUNITY HAS BOAT RAMP/LAKE ACCESS, TENNIS COURTS, SWIMMING POOL WITH BEAUTIFUL LAKE VIEW AND PRIVATE BEACH FRONT AND COVERED GAZEBO. LOCATED IN VERY DESIRABLE WATERFRONT COMMUNITY. 2 BEDROOM / 2 FULL BATH WITH WALK-IN JACUZZI TUB IN MASTER BATH. BRAND NEW CARPET, FRESH PAINT. INCLUDES WASHER/DRYER AND ALL OTHER APPLICANCES IN GOOD CONDITION. 1065 SQUARE FEET. 1ST FLOOR UNIT WITH COVERED PARKING. LOW TAXES, HOA ONLY $216.00 PER MONTH. UNIT IS VACANT. WILL CONSIDER ALL OFFERS!!
PICTURES SHOW CONDO BEFORE IT WAS PAINTED BACK TO NEUTRAL COLORS. UNIT IS VACANT RIGHT NOW. ALL FURNISHINGS SHOWN WHERE FROM PREVIOUS RENTER. WALLS ARE NOW PAINTED A NEUTRAL COLOR.
NEED TO SELL ASAP. YOU CAN PAY THE BACK TAXES OF $4,500, BACK HOA FEES OF $8,000 AND THE BALANCE OF MORTGAGE $50,000 AND IT IS YOURS. WE ARE NOT TRYING TO MAKE ANY MONEY OFF OF THE SALE. YOU MAY BE ABLE TO MAKE A DEAL WITH THE BANK AND THE HOA FEES AND BUY FOR LESS.
WE ARE VERY MOTIVATED TO SELL!! PLEASE MAKE OFFER!!
Hello!
$8000 (back HOA fees) / $216 per month is about 37 months worth of back fees (assuming no fines / late charges).
Are you allowed to rent this condo?
What are the members of your buyers list looking for?
The more thorough the question, the more thorough the answer.
Please fill out your profile with as much info as you're comfortable with.
Thanks.
I don't know either! Why? I have no idea what condos like this one are actively selling for! What is the average DOM? How much repair/remodeling is needed?
Sounds like you can buy it for $62,500 plus closing costs plus rehab costs. I am sure they won't pay closing costs if you buy at what they owe, right?
How stable is the HOA? This is very important!
Get yourself some numbers! How can you or anyone else know if this is a deal?
This is great training for you. This is what you have to do on every property you evaluate.
1. Buy price, how is this a deal for me or my buyer?
2. What will this property sell for. Based on sold, currently listed and under contract comps. Average DOM? Location.
3. What fix up is needed and what will it cost.
4. How am I going to make money?
5. Will my buyers buy this?
6. Make offer based on solid numbers. NOT 50% of Blah blah blah
7. Put it under contract.
8. Present the deal to buyers from THEIR perspective
9. Close and make money
You are taking action and that is great!! Now do your due diligence on this property!
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Ok here are some numbers..This is a start I will finish up
Rents..$875
Needs updating but it can rent out right away
Condo being sold for $78K
Do you mean this particular condo is for sale for $78,000? If so, why hasn't it sold yet? List price is truly meaningless. What are solds in the last 90 days, what are condos in this complex currently listed at ( are there any?) What are under contract (current deals) going at?
This is what you need to know, not listing price of your subject property.
Rents $875 plus HOA of $216 = $1091 or does the rent include the HOA = $659 a month?
Michael Mangham
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Thank you for your help..I will dig deeper
Average sell for the condos in the complex sold for $78k..The owner was going to keep it but something happened with their jobs and cant keep it plus they live in another state..They had 2 condo and sold 1