Foreclosure Deal - Posted by Doug A

Posted by Arthur on July 11, 2003 at 18:18:17:

Maybe the outstanding balance was less than what you offered. When a property forecloses, the person foreclosing is only interested in getting back what is owed. So, if a property is worth $100k, the outstanding balance is $30k, and your the only bidder on the court steps, you could pick up the property at 30 cents on the dollar. But seems like if its 3 years old there couldn’t have been much equity in it, and your offer was over or close to what was owed.

But well done on your deal, and good luck in making a profit.

Foreclosure Deal - Posted by Doug A

Posted by Doug A on July 10, 2003 at 22:02:32:

I think I have found a VA foreclosure that fell through the cracks. Its a 3/2/2car garage, 1500 sqft, 3 yr old home. I walked through the home and from the looks of it needs very little work…with little clean up would look almost like a new home. The house sold for 126k in 2000. The Tax Value is $128,800.00. The cheapest house being sold in that area is $115k at comparable size. They accepted my bid of $98,300.00 subject to my inspection. I was shocked that they accepted my offer. I plan to do a LO for $128K @ 900/mth. Has anyone else found any VA foreclosure deals? Any suggestions from anyone on how to start advertising for prospective tenants?