Updated over 10 years ago on . Most recent reply
Buying foreclosures
hello all! Newbie question here. For my first foray into this realm, I am looking at a foreclosure auction. This is the second lien holder foreclosing on a $50,000 loan. The house also has a first mortgage of $350k. House valued at $550k. Problem is it is still occupied by the owner. Would you bid on an owner occupied forclosure? How do you get them out? Thanks for your thoughts!
Most Popular Reply
So you are looking at a $400K obligation for something valued at $550K - the numbers are tight if it needs any kind of rehab. The occupants might be cooperative in leaving, or they might take out revenge on the house when leaving ... the latter would potentially be a costly rehab.