Newbie Question (Pre-foreclosure Purchase)
TCI is a very informative and outstanding tool. I thank you all for your advice. I have mailed out letters and made phone calls but no results. I must crawl before walking. How can I purchase pre-foreclosure property, HML at 65% with no out of pocket if outstanding is $86K but after repair is possibly 130K? 
[ Edited by pioneer1 on Date 04/05/2005 ]
I have contacted one so far but have not presented my find yet?
I contacted one HML and he will give me 80/20 not sure if this is LTV or purchase price and 80/20 rehab. In this deal if I am given 80 LTV a portion of my rehab money is covered. The lender wants me to show the 20 in any form I can just as long as it is there. I do not have the 20, is there a way to borrow the 20. I will seek out some other HMLs because vthis is a potential 25K-35K profit.[ Edited by pioneer1 on Date 04/13/2005 ]
This house went under contract last Friday. We have found a VA foreclosure asking price $115K,comps are $140K. With $10-15K rehab it will sell for $135-140. Any thoughts?
I neglected to say that we will be making an offer of $80K hoping the offer will go no higher than 85K. Anything above that we will walk away. Thanks for the emotions advice, it can be easy to get caught up and excited when you find a deal that seems good.
I do not know the answer to your question, however, I was wondering how do you know what HUD paid Bank America? The reason I asked is, I am interested in a HUD property myself.
I pulled the deed paperwork and it showed what FHA paid BOA.
From looking at other posts I have discovered that HUD will accept offers that are between 82-87%. Which falls within the payoff amount you said they paid BOA.
Thanks for the input everyone.