House Close to Foreclosure "Bargain"

It's amazing what some people think are bargains. Tomorrow HZG will go to a private showing of a house perilously close to foreclosure. "It's a steal", says the current homeowner (and friend).

Prior to viewing any property, one should hop on line and view the auditors' card to see the particulars of the home going in. This home has an assessed value of $91,000 and the friend is willing to part with the home for $47,000. This, on the surface, looks to be a deal. However...while the home has 3 bedrooms, the largest one is 9' X 10'. That isn't a bedroom, it's more like a dog kennel. The resale opportunity diminishes greatly. While the house has been gutted, you now have to figure in the cost of a new kitchen and bath. The profit margin continues to grow more slim. From what I pulled from on line and from others associated with the home, the best part of the house is the vacant city lot that goes with it. However, this involves building a home and tying up funds that could go elsewhere.

Well, we'll go check it out tomorrow and see if the issues on paper are real.