DUPLEX SITE UNSEEN FOR INVESTMENT

[Stephen Scire]

Hello all, very interesting property, that i hope others have tackled a similar situation. There is a duplex just outside the Boston area, Ive been following this property for a few weeks, it has very erratic pricing over the last few years. post rehab value is about 575-595K...It clearly needs works. Just got info, after being in foreclosure for some time , was reduced to almost 100K below market value, I believe can go much lower... but here is the good part, the owner resides in the property and refuses to allow access in the home.

What are your experiences of buying site unseen. Would you try to contact owner by a written letter...maybe trying to solve a problem they are having.

If worth pursuing, I was even thinking of offering to help relocate by paying for moving expenses and/or first 2/3 months rent.

Has anyone had this come across them and to what extent of repairs or damages have others incurred.

I know some may say...move on to an easier property, but obviously many are staying very clear of this & I take it as a challenge if of value.

Thank you for your time & expertise.

Steve

[Lien Vuong]

If it's under foreclosure you're forbidden to engage with the seller and all occupying parties. Given this kind of condition and buying environment I would make the assumption that the house is in need of 'major' repair and work your numbers that way. You can then work backwards to see what types of offer you can entertain to make sense for you. The relo assistant is appreciated but if it's under bank control in foreclosure and not short sale, it's unlikely seller will receive that accommodation.