Author Topic: Investment in Real Estate - yes or no  (Read 865 times)

MrSal

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Investment in Real Estate - yes or no
« on: August 05, 2016, 09:49:07 AM »
So, in my town I just came across what can be an opportunity ...

Just came from viewing, a 1600 sq foot house ... it looks like its a REO from either Freddie Mac or Fannie Mae. The owners passed away and no estate was found... I talked to some neighbors and the house has been empty for about 5 years.

It needs a lot of work, down to studs it seems but it has potential. I can do a lot of the work in the house with some help.

Roof looks ok actually looks newish ... no mold nor black spots in insulation from what i was able to see.

Comps in the area are about 180k for the houses nearby that are similar

They are listing it at 64900 as is ...

My question ... if I am to make an offer... since this is Freddie Mac and Fannie Mae ... could i low ball them or not? if its listed at 64900 I assume its obtainable in its mid 50's? maybe even less? the house has been siting for a while...

Do you have any experience with it?