The difference between the appraisal and the listing is 1,200 additional sq ft.The house is priced at a multiple that makes sense for the original square footage listed given the area, but applying that same multiple (or even a decent bit lower) to the appraiser's higher estimated size would get a significantly higher value.Could a buyer be sitting on a windfall that the seller missed?

There are also additional state fees that run into the hundreds of dollars in Connecticut just for having an LLC filed.

MLS properties are typicallyblisted at, close to, or even above market value.Giving you info on my first 10 flips and how I acquired them would be useless since it was so long ago and times and the market has changed.

If the homes underwater and you want to acquire the home in a equitable position, a short sale is the way to go.If it makes sense to acquire the home subject-to then that would be something to consider.

For example, sometimes if you look at the listing history for a stale listing, you can see a pattern ... as in, the seller/agent has reduced the list price by $10k every month it doesn't sell for the last 3 months ... then, if you see a pattern like that you can get a feel for if/when it will get down to the ballpark it needs to be price wise ... make a mental note to check back around then, and you can then put an offer in the night before you expect them to drop their price again, with the anticipated price drop, plus an additional smaller price drop to get you a great deal ...

My hopes would be if we can both proceed without an agent, we can cut additional costs out of the equation. 2) If we decided to proceed, what is the next order of operations?

Closed in October 2013 at $152,000Over the next few years, I made some additions and repairs (new bedroom, bathroom, and extra kitchen in the basement), and now got two housemates - completely covered my mortgage payments.2015 rolls around and I start studying real estate a little bit more.

Once you understand whats being proposed by the local government for the area, then you can make an informed decision on whether or not you want to invest there.I'd also look to acquire property for about half of your budget and pick a property you can successfully reposition.  

After doing some additional "credit score" research, I've decided that 600 is certainly not shooting too high as most consider that in the fair to poor range.

In addition there is a huge amount of rental properties as well so those temporary displaced can get lodging during the rebuilding.