Possible First Deal - Seeking Advice/Help
Pre-Foreclosure Unopened Succession.....
Being new to REI, I'm not sure what to do with the following scenario, but I think I smell a deal! Advice, guidance and even "hand-holding" are welcomed!
Yesterday I located a property in pre-foreclosure, scheduled to be auctioned mid-March. The foreclosure notice is the mortgage company vs. "the unopened succession of".....
The owner apparently died in June 2012, and the house appears to be vacant.
The writ amount is $98,500. (What is the best method for finding/determining accurate comps?)
Indications are that the brick house was built in 1994 and is approx. 1250 sf. From the outside, it appears to have been kept up; someone has at least been taking care of the yard. It is in a good neighborhood and, having to guess based on outward appearances, I would assume that very little would need to be done inside to make it move in ready. Again, I would conservatively estimate that this house would retail for $150K.
Upon "googling" the deceased's name last night, within two minutes I was able to find the names of four children and eight grandchildren. Additionally, with little effort, I found telephone numbers for one child and one grandchild. These were the first and only two that I attempted to find. (I figured I could search for others if needed.)
I am assuming that the next step would be to contact these relatives and pursue a deal. I have no problems doing so, BUT moving forward would potentially make this my first deal! Because of my complete lack of experience, I am asking the seasoned veterans here at Bigger Pockets! What should I do next? What type of deal would be the best strategy? What would YOU do? I am here to work, learn and earn!
Your input and assistance is greatly anticipated and even more appreciated!
Thanks!
John
I have also posted this in the General Foreclosure & Pre-foreclosure Forum