My question involves real estate located in the State of: Maryland
What is the best way to approach this Short Sale property?
Thanks for your replies to my threads. This property is located in Maryland. I find some interesting insights provided in this forum, so I am opening my thread.
I Find a property built in 2000 listed as short sale. I did see the property. There was no upgrade to the property since 2000. Heater, HVAC, furnace, roof , appliances, carpet, paint are 19 years old. This house does not have any light/fan fixtures in living/bedrooms. All toilets have lights.
It was listed originally for 225K and dropped to 210K recently.
As I mentioned in my post, there is no upgrade has been done since initial built. We estimated that we need to spend around 35-40K to bring to market ready condition.
I find a down trend on this short sale property listing that need work.
Initial listing for 225000 then dropped by 7%
I find another drop by 5% of price. I did find this property has Front Foot FEE debt 7150 (550/year, for 13 year).
Is it a good idea to wait for this dropping trend settle to step in for offer?
How do I protect from falling knife situation, if I make an offer?
Thanks for sharing.