Do I have time?
I've found a potential deal that I may be able to buy before it goes to the courthouse steps for sale. It is scheduled to go on August 8. Is there even enough time to get a deal done with the current resident, before this happens? With a cash offer maybe?
Here's some info: Original mortgage was approx $145,000 in 2006. 2400Sqft split level built in mid 60's . Can you guys help we come to an approximate amount of potential equity in the house assuming interest rates and types of mortgage available at the time of 2006 and assuming the mortgage was paid current until 2013? Trying to see what the bank might try to get for the property if it goes to Auction and an idea of what I might have to offer the current resident.
Doing a quick look over the property, and barring anything major unforseen, I'm assuming I can potentially sell for about 160k with approx 30-40k of rehab. Does this even sound reasonable?