Is Is Too Late?
I went to the foreclosure auction today to observe. There was a property the attorney was surprised no one bid on. She announced loudly the name and address and said there had been a lot of interest. No one bid and the bank took back the property. I checked when I got home and the mortgage amount was about 66K with comps in the 130/40 range. Seems like a fair profit potential even realizing that there is probably some rehabing to be done. I haven't seen the property you now know all that I do. I have called the attorney to see if its too late and get a pay off. No word yet.
My question.....Is it too late? If not what can I do to proceed?
John
Hi John,
I would contact the attorney who was representating the foreclosing bank. If you know how to contact that particular bank I would call in and ask for the REO department.
Depending on how much the bank wants to hassell with the property, they are still going to have to market the property and pay a realtor. Make them an offer to purchase the property for the time and dollars that they have invested in it right now. If there is as much of an equity spread as you say, you may need to be prepared to offer a little more.
Check out the property and run comps to verify the info before you move forward. Best of Success!
BAMZ
Could this possibly be a second lien holder foreclosing?
Who knows there may be a first motgage of a $100K...
That is a good thought to look into. If you are serious about persuing this, you will find this information when you run the title work!
BAMZ
i'd say run the title work as well. the amount foreclosed (at least here in PA) only covers the first mortgage defaulted. there could be major liens against the property and some federal judgments against the owner(s) that sit against the property as well. and don't forget property taxes (govt always wants thier share of the pie FIRST).