No. of Recommendations: 0
for IP - has no septic, I've been told it's city sewer. The only thing I can see that would make it a cash sale is the electrical update. I was going to send an inquiry to the selling agent to get more info. Also, I would be sure and have an inspection done. I don't suppose that can be done before making an offer. (that would be too good to be true.)

for Dave -

All the cash/credit card options are with 'rents income approval. I've already taken into account that I could not get a mortgage or HELOC without an income.

As for closing costs, I guess I need to be more specific. Is there a difference between Mortgage closing costs and CASH SALE closing costs? Anywhere I could find a potential list of these items?

According to Zillow the owner had originally listed the property at 43k back in 7/2012, RE agent first listed at 29K in jan 2013 and now it's down to 26999 as of May 2013. I was told by the agent that showed the property to me, (a buyer agent) that the owner had already turned down two offers of 15k and 20k. I had the thoughts of offering in the neighborhood of 22 to 24k. Depending on the closing costs. (less is better obviously)

The tax assessment is at 27K. Which although is not an appraisal value, gives me a ballpark figure to start with. I know for a fact that with less than a week of sweat equity and about 20 gallons of paint, I could bring the appraisal up. and that's just the cosmetic work. Lowe's card with 12 month no interest is also helpful. :) I'm a wiz at sweating copper pipe.

I realize how crazy this all sounds, and understand the potential pitfalls, but believe it _can_ be done.

IP - the property is in PA, Poconos area, so I was hoping to get your input on the PA market, and PA specific info. (Like..why is PA's school taxes so high???)
Print the post  


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.