I ran across a short sale deal. I spoke with the Listing Agent today and there are currently no offers on the table. The List Price was just recently dropped from $175K to $115K. The Listing Agent claims to work 100% short sales and is well versed in the process. I really don't expect this deal is going to last very long, so like all good deals someone needs to jump on this one quick.
It's a nice 3-2.5-2, a little over 2400 sq. ft., w/ pool, built in 1996. The lender has already approved the list price of $115,000. The house Comps at about $188,000. The house needs a little foundation work and a foundation company has already provided a written repair estimate of $9500.00, which consists of 24 piers and 5 concrete breakout piers. An investor friendly foundation company may be able to do the job for less money, (hello Straight Line Foundation!) Although the house needs some foundation work, I have certainly seen much worse.
When I looked at the house today the obvious needed repairs that jumped out at me include repairing the driveway due to settling, interior sheet rock and paint work, freshening up the landscaping, repairing some rock textured concrete around the pool and maybe some carpet if you want brand new looking carpet when you're finished with the rehab. I didn't see any cracks in the pool, which is drained, uncovered and easy to inspect. This is just what I saw, but you MUST do your own due dilligence. As with any foundation repair, there could be additional damage that needs to be repaired after the foundation work is complete.
Not that it means a whole lot, but the tax valuation shows to be $191,922. This is a nice house in a nice neighborhood!
ARV = $188000
Lender Approved List Price = $115,000
Call me for details! All I ask is that you use me as your Buyer's Agent! The lender will not allow for the contract to be assigned.
Joe Stone - Realtor ®
Exclusive Homes Realty
682-777-0836
