I came across a local property that seemed to be a pretty good deal on craigslist. I got in contact with the owner who came right out and said that he is extremely motivated to move this property for cash soon, the property is priced considerably below market. I inspected the property which is currently occupied and the tenants wish to remain there.
Upon looking up some information on the property I discovered that on Zillow, not sure about the validity, that the property had been foreclosed on within the last week. Is this something that I could pursue safety or should I run?
1) ask the seller straight up about it.
2) verify with whatever county agency handles foreclosure filings, ask Them how to verify, check status, etc.
If foreclosure has been filed, and he has equity, there should be some motivation.
Thanks for the reply Wayne. I think I'm going to cautiously continue with this. I will confront him about the foreclosure as well.
By foreclosure, do you mean preforeclosure, or was recently sold at auction? If just a NOD, then they are motivated. If recently sold at auction, check the tax records and see the owner on record.
It just says that it was foreclosed on. I checked the tax records and the property has not changed hands recently.
So I spoke with the seller who actually a third party. I guess he is finding investors for a yet to be approved shortsale and he takes the spread for himself, is this an orthodox practice?
Check with your local chancellors office to verify the books on it &they should be able to guide you to more info
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.