Should we buy this home that sold for 3yrs ago for $148.000 but apraised yesterday for only $65.000 because it was foreclosed 1yr ago? The house is in North Minneapolis,MN and is selling for $55.000 built in 1928 sits on 3 lots. Please, advise. Thanks
2007-11-21 06:09:51 · 3 answers · asked by cynthia 1 in Business & Finance ➔ Renting & Real Estate
This is no doubt a buyers market right now. I have purchased 2 foreclosures in the past 8 months. I can afford to sit on them for a very long time if need be. But my goal is to turn them into a profit when the housing market starts turning. Both of these homes are near schools, shopping and a church. Research this property you want to purchase and make a decision on whether this home will be looked at by a large or small percentage of people when you decide to resale it. I will also hold the two properties that I have purchased from being put up for sale until they are basically the last ones empty in the area.
2007-11-21 06:31:00 · answer #1 · answered by steve s 6 · 0⤊ 0⤋
You are encouraged to engage a real estate agent and ask for comparable sales to the property you are considering. My guess is that it grossly over appraised three years ago. the Minneapolis market has not suffered any huge losses in value similar to other markets.
Rather than be concerned what it appraised for three years ago, please be concerned with what it is worth NOW.
2007-11-21 07:23:58 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
and will be worth $40K in a year....
2007-11-21 06:16:15 · answer #3 · answered by crapaudblanc 4 · 0⤊ 0⤋