I Got My First Bite. Pre-foreclosure

Just had a guy call me in Pre-foreclosure or is it forclosure? They sell his property at the courthouse Jan 4th. This may be a terrible deal but, I get my feet wet. I sent him a letter and he showed it to his attorney. His attorney told him to call me (cool huh?) He has been in BK for 1 year and now the sell takes place. Like I said bad numbers but, a learning experience. His place is valued at $53k via the tax collectors office. He said he owed $49K... I didnt ask about liens...

I am suppose to speak with his attorney at 4PM today... Any tips would be appreciated.



Thanks,

Tony

Comments(3)

  • joel21st December, 2007

    What are you going to offer? Are you going to Fix and Flip or Buy and Hold.

    Know your exit strategy before you get in.

  • TonyGotaTruck22nd December, 2007

    I plan to fix up and flip these houses. I an just glad that I got my first call from one...The attorney wasnt in Friday afternoon so, I havent spoken with him. I am not dieing to buy this house I just want to see whats next...

    I understand now I need to find a realitor to do comparisons for me... I will call a friend and see what he says about helping me there.. No way to do them myself???

    Thanks, I hope this topic is helping others as well.

    Tony

  • TonyGotaTruck26th December, 2007

    Yes I agree. I need to learn more. My realitor friend says I can have access to his mls website and I hope he can teach me about comps.
    I really need to learn how to access liens on properties etc... I will have to snoop around our county record department more...

    Any suggestions are always welcomed...

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