My first post!! Getting close to buying an REO listed on the MLS. The house is brick with 1500 sq. ft. It was listed over 130 days ago and are asking $60K and has an ARV of $140K (which is what my real estate agent told me). Not sure how much the repairs will be yet. We are meeting a contractor at the house on Tuesday to get an estimate on repairs. The house was under contract until about 2 weeks ago…..when the potential buyer just walked away from the deal. There is a house next to it that is also for sale. That house was bought as a flip. The person that bought it was in the middle of fixing it up and just stopped and left everything as is. He is now selling that house. That house is a mess outside and inside. I'm just wondering if I am missing some detail that could be a deal breaker. This seems like a good deal…..just wondering why nobody has bought it yet. Would love some insight and wisdom from some seasoned investors about why this house might not be selling?
