Burned Out House/ Value?
Went to my first auction this morning to watch and learn. Decided to look at some postponed sales. One had been in a fire though structurally sound in need of rehab. Asking around I found out that after default, transients were holed up and responsible for fire. In cases like this I'm assuming that the bank's interests remain covered by insurance. How would this play out at auction. Will the bank still try to recover the full amount on the loan. Seems obvious they would, how would this work with an insurance co. involved? Is it possible this is a value. I'm looking to get in cheap, do the rehab and turn it around.
thanks
rog 
I would contact the REO department of the lending corp. and see what they have to say. It is a pain to deal with them, but it might be worth it.
Sounds enticing, but in my experience there is always more to dealing with bombed out properties than they are worth. You will undoubtedly need to spend a lot of time dealing with this one. Good luck.