MY PICS of Half Completed House 4 U

WOW, THATS BASICALLY A SHELL. WHAT IS ARV ON IT?

Thanks for sharing the pictures. As long as this one is on the market, keep resubmitting your offer each month. Also, see if you can find out you the real decision maker may be at the bank that owns this one. Is the final descision maker the asset manager or a more senior person. If you can meet with the decision maker, you could consider offering a higher price if they finance it for your say at 3% to 4% interest rate over 15-30 years. You can offer more if they are flexible on their terms and financing. Good luck on this potential deal. Believe and Achieve! - Joe

We spoke with the "Big Cheese" decision maker at the bank and he is a ROYAL JERK. Not taking a penny below 60K !!! He said "the bank" will complete it and sell it first. GOOD LUCK. The completed house next to it has been for sale for $130 for over a year (since 2008). Same bank is trying to sell it ... it is not even worth 130K. Maybe about 90-100K. These are about a mile from the small lake. Poor construction inside 3BR, 2BA, cracking ceiling, holes around light fixtures/wall plates, no appliances, Pergo that bowed on floor. No landscaping, just rock & dirt yard w/building debris. The builder really did a shotty job finishing them and no one wants to buy the finished houses. So they are all just sitting in limbo.

This one (in pics) is NOT done, so we would like to finish it ourselves.

Here is an awesome comp: The house at the end of the road is LAKE FRONT, 4BR, 3BA, Sunroom, Boat Dock and AWESOME GRANITE kitchen ---- it sold in August for $131,500.

Now, if this one was completed-fixed up, perfect, in selling condition, with appliances and landscaped nicely ... will bring about 110-120K in a GREAT market. In this small rural retirement community - I doubt it right now.

Same community as other home we lost a few months ago. This builder who went bankrupt built and partially built 15 homes in late 07. ONE HAS SOLD (and that was a foreclosure)!!!

Oh well, in late Dec, we are gonna offer him 10K for making us wait. LOL

Thanks for sharing the additional details. Sometimes you may run into sellers that just do not know when they should take the money and run. Who knows the $10k in December may at least make them think or the Big Cheese at the bank may no longer be there and you may find a more reasonable person in their place. Believe and Achieve! - Joe

Also, we are only offering 15K CASH because it will take our other 15K CASH to get it closed up-walls-septic and possibly make it livable. We will be doing the rest (painting, appliance, cabinets, carpet, tile, lighting, etc) out of the equity funds in our current home. Our contractor and investor buddy actually said that was too high for the condition.....but, we wanted to be fair. They said do not exceed 12,500. It is only about 28% complete according to the disbursement sheet.

So we wont go any higher.....we are looking at almost 30K to get it move in ready.......plus the 15K for purchase of this "shed" and land !!!!!

AR has low land prices so the small lot runs about 5K on it.