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!!!