Buying a pre-foreclosure

[Mark Feldman]

Hello Bigger pockets family,

Looking for advice on a situation I came across.

Property was purchased 2 years ago by the current owner. Va loan. This individual stopped paying (not sure if flat out stopped or had forebearance). Minor repairs are needed to the property but that’s motivation enough for them to move due to lack of funds to fix anything.  
 
What’s a good play in a situation like this?

Thanks! Success to you all!!!

Mark

[Matt Ziegler]

Mark, need more details. Is The property currently in foreclosure? How much is owed on past due, and can you cure that? Might be helpful if you can talk to the lender and find out the status of the loan. If you can submit an offer to the current owner and get it signed so you’re under contract, then work out with the lender to avoid foreclosure it might be a good deal.

What’s the after repair value of the property? What will the purchase price be? And how much do you need to bring the loan current?