Pre Sheriff Sale Deal Advice Needed
There is a property right around the corner from my house. It is set to go for sheriff auction in the fist week of August.
My question is this: how is the best way to approach the homeowner in order to get a deal worked out prior to the auction?
I do not know this lady at all, and I think knocking on the door and saying "heard your losing your house" might be a little rude.
But sending a letter that 100 other investors have already done may not get a response either.
Her number is unlisted also.
or approach the bank and buy the note,
If you buy it for 100K and 125K if the judgement (forecloseure amount) in most place you can start the bidding at 125, and if some one bids, you make 25K, if no one bids, you get the house.
w/ trustee sales, you can play games w/ postponing and moving the auction site to create confussion.
True, I basically have available cash funds from a close friend/investor up to $150,000 to use for a flip.
I have bought from hud homes and bank owned listed by a realtor and although those deals are getting better, i still think the sheriff sales might be the way to go.
Here in my county we have about 40-80 that get auctioned every Friday.
Out of those i would say 10 are really solid deals in good neighborhoods, every week.
I mean am i missing something or is that the way to go?