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Updated over 8 years ago, 08/02/2016

Account Closed
  • NJ
42
Votes |
136
Posts

Buying a auction property without interior access

Account Closed
  • NJ
Posted
Hi fellow BPians, I am looking for my first investment property. I see a property in auction.com with the initial auction price of 25000 but reserve is much higher and close to or more than 70% of ARV. The property also does not have interior access. I went and looked at the property and exterior is good. Lawn is maintained. The property inspection report provided in the website does not highlight any major issues. The property is also sitting in market for more that 1 year after foreclosure which makes me think lot of other investors looked at it and did not feel worth buying. This is a 2 bed 1 bath and may not be a good rental. what will be worst case scenario? If I buy the home may I have to demolish and rebuild? Is there any to that will help me to estimate the costs for rebuilding? Question for investors with buying houses unseen or no interior access,how do I arrive at the maximum offer price in this case? Thanks, Vijay

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