Low Valued House
Hello all, I have a owner whose house is facing foreclosure. The problem is the house is only valued at 30k and the defaulting balance is 19k. Is this something worth touching? Is there a way to make this work, where it would be profitable?
Thank for any advice.
Isaiah 
Have you thought of a Short Sale? Maybe offer the bank $10k to satisfy the mortgage and then fix it up and sell it...
Its worth talking to the bank about...
[addsig]
wow! i am amazed that you can buy a whole house in this day and age at $30k. here in chicago you probably could not buy a vacant lot!
anyway, depending on the condition, rent levels in the area, and your wherewithall to purchase the property, it would seem to me that buying it and renting it out would provide for a decent cash flow. i could not image that even in the most depressed areas a home would not sell for more than $50K especially considering the current rate environment. the note could not be much over $100 per month. even if it is raggedy maybe put 10-15K into it and hold it. it seems like there could be a good deal of room for an increase in value.