My Mother in Law is trying to sell her Mother's house. She passed away 2 years ago.
The house has been on the market a little over 60 days. It took a while because she originally rented it out, and it took her a while to get the tenant out of the house (She was being way too nice with the dude). ...The guy didn't pay the electric bill the last 3 months, and didn't pay the last month's rent. He owes her $1,400 which she will never see.
Anyway, The house does need some work. The furnace works fine, but is old, and needs to be replaced. All thewall paper has to be ripped off, and walls painted. It needs new carpet, and new floor in kitchen. It also needs an Asbestos abatement in the basement because the material under floor in basement does have Asbestos in it. She got a quote of $1265 for asbestos abatement.
Anyway, the house is "valued" at $123,900 however, that was with appliances in it which she had all taken out. She priced the house at $89,000 to make it attractive to sell. She has a realtor trying to sell it who will take like 6%. So far she has gotten a offer of $60,000 cash which she declined, another offer of $64,000 which she declined. She also received an offer of $70,000 which she declined, and now has an offer of $75,000. All offers have come fro contractors who buy houses, fix up, and resell. Not a single regular customer has put an offer down on the house. The lowest she wants to sell for is $85,000...I am wondering how long this house will be on the market for. This is for a middle of group townhome.
If you can buy a roller rink on 3 acres of land for $15,000 and that includes the land, I would jump on it. Even if the roller rink fails, you could do something else with the place. Maybe if the area grows in population, you could sell to a commercial developer for much more money 5 to 15 years down the road.