How can I get this home?
I found a pre-forclosure today, its a sf 4/2.5
182,187.45 due on mortgage
comps between 217,000 and 275,000
It goes to forclosure sale on 4/25
I havent contacted the owner yet or done much homework other than what I could do online. So far it seems like a good deal to me. Could I possible use a hard money lender to purchase and then resell ASAP?
I am mainly looking at this as a learning situation right now, but if I can swing it Im going to go for it. 
Any thoughts would be helpfull.
I would say that the first thing you should learn to do is to come up with a much more precise comp value. A $58k spread in comps is wayyyy too much.
Other than that, start collection more information. Are there second mortgages? Liens or other judgements? Are they behind in payments? Have they done a forebearance or recasting? Are they planning bankruptcy? How much in repairs does it need?
Oh yeah, and what is your exit strategy? Sell Retail, CFD or L/O? All will affect how much spread you're going to need.
Selling at $217k is a 83% LTV. Not very good. You might be able to buy Sub2 or L/O and sell on L/O.
Well, that should keep you busy.
The comps I have are from sales in the neiborhood that are around the same size, same bed and bath, about the same lot size. The county lists the value at about 235,000. Most people I have talked to say that the county is pretty accurate when it comes to FMV. I havent been able to get a hold of the owners yet and I dont really know what I should say. I dont want to affend them. I am planning on going to the county tommorow and check to see if there are any other leins on the property. <IMG SRC="images/forum/smilies/icon_smile.gif">
I would like to buy with a hard money loan and sell retail asap after I aquire. It was built in 1999 so I am not anticipating too many repairs other than cosmetic.
Thanks for the help.[ Edited by sanderso1019 on Date 02/24/2003 ]