As I told you in my previous blog, I bought land from one owner who only had one deed for the two lots. Well I got word yesterday that the deeds were separated and I now have two deeds for two LOTS. Every little step is progress so I’m happy that things are moving forward. The reason two deeds are beneficial is because it is like having 2 different properties. I can easily sell one if I wanted to.

On a second note, I got a call from a home owner in Asbury Park that is interested in selling his house. During the call screening process I like to get as much information as possible. That information includes, the description of the house (how many beds/baths and so forth), is the mortgage current, how much does the owner think the house is worth, how much the owner owes, and the condition of the house. What I notice time and time again is that home owners are just not realistic about the condition of the house. In this particular case, the home owner stated that the house was in good condition, it needed little things here and there but for the most part it’s a great sturdy home. I repeatedly asked if the house needs work and he continued to say it was in good shape besides little things that could be done. I also asked if he was close to the beach. The home owner stated that you can see the beach from his house. Well, I went to the house last night and it was not as the home owner stated. Every room in the house needs work. The kitchen and bath need to be updated completely. The ceiling in the house need new sheetrock. The house is older so it has those square ceilings, not sure of the material but it should be replaced. The basement has water damage…Because it rained all day yesterday, when I got there that evening, there was water in the basement. Also, when you are outside, you do not see the beach. The guy told me he owed 140K on the house but he got the house appraised for 300K around 6 months ago. I asked for the appraisal but he said he had to look for it. I’m thinking it’s not worth the 140K. It is unfortunate but reality will have to sober a person. I feel bad for the home owner because he is behind on payments and you can tell that he is eager to be out of a bad situation. I believe this is indeed a short sale situation.