Ouestion about foreclosure in Texas with mucho equity...
First, I just finished reading (listening to) J Scott's book and it answered a lot of the questions I had. I totally recommend it.
I'm still trying to wrap my head around everything but I've been eyeing a house in the Houston area that is now in foreclosure and is set to sell at auction in a few weeks.
I'm not sure how to approach this deal to make sure it's a doable deal.
I've made unrelated initial contact with the owner by ordering a product from her mlm company and requested to pickup in person in a couple days. I intend to mention to her that I'm a new real estate investor to move the conversation in that direction.
I've done a preliminary lien search and only found the one mortgage company that has a lien on the property.
There's approx $80k-$100k in equity and I have a large chunk of the cash to meet the remaining lien amount. Getting the rest of the money shouldn't be difficult.
My problem is that I don't know the steps to make this deal happen.
I'm not sure what question to ask the forum, but I'd like to start a conversation to figure this deal out.
Is a deal even possible after the notice of sale stage? And is there a benefit to doing this deal now vs bidding at the auction?
Thanks!