Posted by Michael Morrongiello on February 08, 2000 at 11:44:59:
If the lender is now doing the evicition of the occupants it sounds like the “hammer has fallen” and that the courthouse auction has already taken place with the property going back to the lender. This now becomes an REO property for that lender.
You can always make an offer to purchase the property for what you feel will allow you to make a profit after fix up and resale. The bank may turn you down now at YOUR offered sales price but usualy if that property sits for a while they will then entertain revised offers.
If they were willing to finance you with No cash down at the $45K sales price under favorable financing terms then you might consider that as another way to acquire this propertuy with financing already in place.
Remember one of the cardinal rules for investing in Real Estate that goes along with Location, Location, Location would be ; YOU MAKE YOUR PROFIT WHEN YOU BUY… if the sales price that bank wants and what you’re willing to pay don’t allow you to earn a profit pass and move on. There are plenty of opportunites out there.