Pre - Foreclosure... I got in now what?
There is a property in my neighborhood that is in pre foreclosure (1 1/2) years. The current owners are underwater (to the tune of a 325,000 re-fi 4yrs ago) and there are liens on the property from tax liens and entities like health care providers and such. They (the current owners) are just waiting until the sheriffs sale and then just move on when they come to clear and lock the home. That said I finally got in the home and it is a disaster (my diamond). This is not a 10k reno more like a 75k reno on a home with a ARV today of 200,000 for the avg investor but because I own homes adjacent to it it has greater value as the property can be combined with my other properties to allow for a zoning change hence huge upgrade in total land value to me.
I know whom the lender is and lien holders are to include the amounts owed. I know I can negotiate with the lien holders but the bank is another story.
In my county "some" of the properties when they go to sheriffs sale are bought high because there are so many investors. If the bank gets it back at auction I suspect I will lose out to other investors in the REO process.
ANY thoughts would be appreciated.
PS. Is there a way I can contact the lender (1) somehow if the current owner offers me contact info? If I get the contact info is a bank going to talk to me?