All Forum Posts by: N/A N/A

Corey, MikeOH, Minna you guys are great, reading everything i can.

Alice Crane

Well I have totally backed off the deal. But not strictly because of the lawsuit. It turns out HE is suing the Developer and RE Agent.

I assume he is suing because of the $50,000 in termite damage that he found on the second floor of the property a year after he purchased it.

The deal is just too big for me, it has problems I am not prepared to take on (estimate $85K in Repairs could turn into $160,000).

Appreciate all the support I have gotten from you guys.

Alice Crane

I found out the lawsuit is between the developer, real estate broker and the present owner. It it will not have any effect on the sale of the property.

I intended to be the principal but did not want to get in too deep on my first deal.

My original thoughts was a smaller deal. A house worth a half million is not a small start.

Thanks,

Alice

House on Mississippi Coast. Owned by man in Military. Transferred and needs to sell. Appraised at $572,000, needs $85,000 in repairs, asking $375,000 which is about $200,000 less than appraisal. Good neighborhood. Recent property sales in area are in this range. House built in 1929. In 1996 developer bought house completely modernized the house.

Current house notes are $4,500.

Then I get this information, "There is a lawsuit pending against the developer and real estate broker". I have asked for more info about this but just sent the email a few minutes ago.

In any event I cannot find an investor to even talk to about this. I am a newbie and don't know any.

Am trying to determine how to find a few. I really just want to do a deal with someone else taking this over. Pay me a finder's fee and i will be happy.

Any suggestions

Alice