AN the one I was talking about that went on Penrod last week for 359k is gonna open at…. 420k on the MLS soon. Are you kidding me? No way comps support that but the agent thinks he can get it. So at 420k, if he offers 2.5% plus another 1% for closing costs he is gonna net maybe 45k? That is if he gets full price. I will not believe it if he does but ya never know. Anyways the home is vacant and that is actually a nice premium when purchasing at trustee sales cuz getting the owner or worse a tenant out is time consuming and time is money. Also the home is in decent shape, not bad at all, the yard is dead but you never know. I personally had a hard time seeing the home even sell for 400k. It is also only 2 homes off of Flanders… anyways this will really be a stretch… no doubt the guy will make money off of it, he is a regular at the trustee sales… say he only makes 20k… so that would be about 6-7% on his money right? However if he closes and gets the cash less then 60 days after he bought it that is not bad for a 60 day investment. I can see where he is coming from I guess. Although even for him to make 20k it is gonna be tight.
