How Would You Handle This Deal?
1st - $83k
2nd - $51k
Market Value - $152k
If the property actually goes to f/c auction, the second will be extinguished. I would like to try and get this one before it goes to sale, but that decreases the profit margin significantly because of the second. How would you do it?
Thanks,
TH
Let me clarify a couple of things. This is a non-judicial F/C that has already been auctioned, but the sale was set aside due to an incorrect legal description. The sale has been rescheduled now and the F/C process "started over".
If the property makes it to auction again, the opening (lender's minimum) bid will likely be between 84-85k. (It was $83,011 the first time around.) The sale of the property at auction would extinguish the 2nd, but the final bid was 116k last time.
So, my question would more accurately be: Would you attempt to acquire the property at auction? Or would you attempt to acquire it prior to the auction, and if so, how would you go about it?
Thanks again,
TH