Foreclosure- Deal?
I recently talked to this guy who had a house built about a year ago- and when it was completed somehow his payment jumped up 1,000 bucks. I think the builder and the mortgage company were in cahoots or something- not sure. Anyway- I think he still owns or the bank does- one or the other- the market value is 568,000 and he owes about 407,000 on it. I checked the status and it said its in preforeclosure but it had a trustee name beside it and stated the opening bid to be a certain amount- from the clues does anyone have an inkling of what i should do as a wholesaler- is this a good deal?
does he own or the bank?
So sounds like the bank owns and is going to auction.
So you go to auction and and see if you win. A guess would be auction would start at about 415k with bank & legal fees involved.
Or before the auction you could get your guy to sell to you so you would pay off bank and stop the auction. Have him contact the bank and see what the payoff is and see if your guy would take that since would may help his credit report by doing it this way. This close to auction you would most likely need the cash and be sure what the true market value is and how long will take you to sell.