No. of Recommendations: 0
Let's say hypothetically that we bought the house for 1/2 the asking. Is damage like that repairable or is the house a lost cause?

First of all, the probability of them asking for $600,000+ is because of the land. I am not sure where it is located or what part of town it is in, but a friend of mine and I went to see a house in a nice town, west of I-95, east of the Turnpike. It was nestled back on a quiet dead end road, nice neighborhoood, etc. Most of the homes were going for $500 - 750k because most were on 1/2 - 2 acres of land, and had nicer kitchens, improved floors, roofs and tile work done.

This place was on an 1.5 acres, was rundown, built in 1975, approx. 2900 sq ft.- 3 bdrm, 2.5 bath, den with pool, 2 car garage. It needed TONS of work, the yard was atrocious (tall grass/weeds, disheveled landscape) and cracks in the pool area. The owner wanted...$575,000. Why? The RE agent said owner knew the land was worth that much. LOL

Ok, so obviously my friend didn't get it. But the point is, it depends where it is, how much damage would you have to fix, debt-per-income ratio and of course, the appreciation for that area. Will you have to sit on it for over 25 years?

The fact that is was offering $90k for HEL is a big red flag to me, and I would just move on.

But that's my tid-bid, and hope it helped,
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