Save Money on Houses

How much can you save:

In Jefferson County, Kentucky a corner lot with a house was zoned C1 (commercial) and was listed in the Realtors Multiple Listing Service for $162,000.
The property sold for $81,000
The property now appraises for $145,000
The current owner saved over $80,000 off the list price and now has over $60,000 in equity on the property.
The current owner made some improvements on the property (under$10,000).
His monthly payments on the property are about $500 less than they would have been had he paid list price.
If he sells the property today for $140,000 he will receive over $50,000 in profit or capital gain which is income that is taxed at a reduced rate.