AT,
What state are you in? The rules vary from state to state. What is the total the house is worth?
The reason being, in some states there is a 2/3 rule at the Sheriff’s sale. This means that if it goes to the auction block the opening bid HAS to be 2/3 of the appraised value. So, since this may not make it such a good deal, you may want to get to the home owner before the sale.
Be careful for outstanding liens against the property. They can eat up that equity quickly!
There’s an auction in my community in a few weeks and I
want to buy the property before the auction. What do I do?
Do I contact the lender and make them an offer, do I
contact the owner put a contract on the house and flip it
to another investor or must I wait for the auction in
two weeks.The house has at least 60K in equity maybe more
and I don’t have any money at all. Does any one have the
answers to these questions.Thanks in advance.