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Updated about 1 year ago on . Most recent reply

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19
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Advice on a potential deal!!!

Angelo Revercomb
Posted

I recently came across an interesting situation. My wife and I noticed a home being built sometime around a year ago. The home is finished part from the ( cabinet door and drawer fronts, countertops, baseboard, final mechanical trades, driveway, sod, well, and septic.) Some work to be done from the looks we see anywhere from 50k-60k in additional costs. Due to a tragic incident, the original owner-builders were not able to complete the project and the home has been sitting vacant since. They are negotiable with their price we are thinking anywhere from 160-180k with an after-repair value of 270k. We have never dealt with this sort of situation and wanted to reach out and hear about others' experiences with this sort of situation, financing, and just general thoughts. Without doing a deep dive we see an opportunity to get a brand new home for a sweet deal and have some equity on top of that if it goes smoothly. Let me know what you guys think / suggest. 

Thanks.

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