Should I beware of this property?

[Craig Tauterouff]

Hope this is in the right section first and foremost.

Found a home via craigslist that has been unoccupied for the last 8 years. Owner recently had it listed at 60k and more recently dropped it to 45k. Upon conversation stated he would be willing to take 40k which makes me believe I can probably talk him down to 35-38k. Simply by doing a drive by and running comparables this house completely redone can be moved for a easy 175k-200k. Other listed properties in the area are around 250k to 300k. This home is just shy of the same sq footage by about 300 sq ft. Realistically even if someone were to drop 100k into the house theres still a wide margine for profit. Not to mention with the vicinity to the local college could be converted to apartments and be even more profitable. Seller stated that other people have came and looked at it and hes heard a wide range of rehab estimates from 60k to 100k. Having known others have already checked out the property should I just go ahead and take a pass on this one? Or setup a appointment and do a walk through myself.

[Gerald Harris]

Do a title search on the property making sure it is on the Up and up. Make sure he owns it and there are no other liens on the property.

- Make an appointment an see it

- Take a trusted rehabber or contractor with you to view it and get some estimates

- Take a contract with you. Get it signed and close on it.