Warts-and-all, this building presents an
opportunity to acquire a property at an attractive price, make
repairs, and turn a profit. The lender would prefer that their
borrower secure a sale, even if the lender accepts less than
it's owed, because this represents less of a loss than a
foreclosure.
The 2007 tax assessed valuation is $320,000.
This may provide a hint of the possible opportunity that could
be present here.
Please call me to discuss the work that needs
doing and the special procedures involved. These kinds of
transactions take patience. The payoff makes it worth it in many
cases. Candidly, not everyone is cut out for this kind of
transaction, however. I can help you assess whether this is a
deal worth considering, given your individual circumstances.
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