I'm considering my first deal. It is a condo priced at $12k. Other 3 condos are also priced in the range of $15k. (different owners). Looks like most are bank owned.
I looked at the county website and the 2008 tax value shows $150k.
1. Its too good to be true..what are the possible problems that can come with the property, other than needing some repairs?
2. If I pay $12k and purchase it, and try to refinance will the bank give me 12k? or 150k?
Please help !!