Posted by george on March 07, 2001 at 17:21:10:
You can go to city hall and find the mortages and liens. I bet they add up to more than $55,000 so the owner may not be motivated to sell. Can the owner stop foreclosure by declaring bankrupcy? If you can get in to see the building that would be nice.
Foreclosure - Posted by Steve C.
Posted by Steve C. on March 06, 2001 at 22:14:21:
I have a potential deal and need some help in how to approach it. Found a foreclosure being auctioned in about 8 days. The house has an appraised price of about 55,000 and I had relative comps done of the area and to my suprise, 4 houses within the same block and same dimendions(roughly) came back in the low to mid 60s. I did a drive by of the residence and looked inside. Exterior only needs a little paint and believe it or not the carpet from the outside look semi new. Interior looks in good shape. In my state of Ohio, auctions start off at 2/3 the appraised price. However Id like to get in on this before going to auction. Should I track down the owner or maybe call the loan institution that is foreclosing in an attempt to find the particulars of the foreclosure? Or is it a moot point now near a week away from the foreclosure? Also if I should strike up a conversation with a mortgage person, how should I ask for a short pay off? Any help or guidance would be greatly appreciated. Kind of new at this and sorry for leaving out any other pertinent details but there seems to be a potential for cash here. Just trying to find out the best way to possibly make the most cash on this. Thanks everyone. Great board!!!