Possible home? (Long)

we are in a similar economic area but i would be wary of the costs of making the new house livable..you might be better off looking at forclosures yourself.

Currently homes in your neighborhood have been selling for $50k. You still owe $80k on your home, and hope to sell it for $80k so you can walk away even.

I would say that if homes have been selling for $50k then you are likely to get $50k.

Is your bank willing to take a 'short-sale'? or would you sell it and walk away still owing $30k?

I understand the feeling as you watch your old neighborhood fill with section 8 and become crime infested.

But I really do not get why this foundation is worth so much more than your current home.

Go buy 100 acres somewhere for $30k and build fresh there. By the time it is done and ready for you to move in, maybe the market will be better, and your current home will get more than $50k.

Get all verbal promises in writing before you proceed.

Do some investigation on the company and the house.

Have an inspector come out and check the house top to bottom.

__________________
I'm running so far behind I thought I was first!

http://hickahala.blogspot.com/

I lived in Raymore for several years and Harrisonville is a nice small town but IMO the house as described is way over priced for the area. 135K is higher than the median house cost for that area and though it may be considered a suburb of KC, it would be a long commute (about an hour during rush hour) so its not exactly a hot real estate market.

As for the prospect of them buying your house and putting the left over on the new note, as already mentioned they are in the business of making money so it would be to your disadvantage. It would also immediately put you upside down in your new house so I dont see to advantage.

Thank you so much for the responses. My hubby and I went yesterday to City Hall in Harrisonville. Found out this company bought the house in August as a foreclosure for $52K! It seems the couple who owned it before lost it due to an ARM loan. Also found out the city plans to annex that area in the next few years.....very valuable information to have and we are not making any hasty decisions.
Thanks again!