The market is going crazy and this recently sold house in Creditview, Mississauga has a lot to teach!
As the property description says, this “Property [is] in very poor condition [and] unsafe to show. All utilities on the property have been disconnected.”
Still, it sold in 4 days for $56,000 OVER ASKING for almost $1,000,000 and you couldn’t even go inside!
Sure, the market is hot, but there is another important lesson.
I talked with a realtor about this property and he said that the house was a COMPLETE tear-down, because there are a lot of liens and back-taxes on it. So the buyer wouldn’t be able to get insurance nor a mortgage on the property.
What does this mean?
It means expert advice is worth a lot.
Imagine if you wanted to bid on this property and you only had a 20% down payment ready with $50k for renovations.
Now imagine if you “won” the offer.
What’s your new plan?
Even if you could finance the house, you are the proud owner of a 30′ x 100′ lot!
Anyway, just some food for thought. I’m always available if you have any questions about real estate.
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