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Originally Posted by Yetti
by the way, if you are a broker then how would recommened going about this purchase? Its a forclosure and has been sitting about 2 years. what should I expect in fees and other costs?
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Closing costs vary by state, since I am not familiar with your state, thats a tough one for me to answer. Is it listed with a RE broker now? If so talk with them, they will give you an estimate of closing costs. What are your intentions for paying for it? Naturally, if you pay cash the closing costs are less than if you financed it. If its in rough shape, the way the mortgage market is right now, you might have trouble financing it.
I'd expect since its been sitting for 2 years that if there is a house on the property to expect freeze damage, potential mold and god knows what else. Also, if it has septic then if its been idle for a certain time period, again varies by state, then you may have to have a new pit/perc test done before and a new system installed. Also if there is a well, i'd expect to have a new one drilled. Factor in the worst case scenarios financially then if you dont need to install a well or septic you are ahead of the game so to speak.