Know your market - or lose big $$$

[Calvin N.]

I just got a listing on a foreclosed property located in a small, rural town. The previous owner lives in California and paid $888,000 for this property. Now this house is a historic Victorian home, 6 bedrooms, 6 baths, 8 fireplaces, 6500+ sq ft, 5 acres of land, pool, greenhouse, pole barn and lots of nice landscaping.

Move it out in the country, put it on a lake, move it to a gated community and maybe it would be worth $500,000+ but where it is now the average home is 42K and less than 1200 sq ft.

This is a prime example of investors buying properties out of state and not knowing the market. We have it listed now at $279,900 and I don't know if we will get any offers in the next 6 months at that price. It was listed at $349,000 the last 6 months with one offer.