Pre-foreclosure deal in Atlanta Georgia

[Marco Petit]

I need a little guidance on this deal. I got a lead to a very motivated seller in Atlanta, Georgia. She is two months behind on her mortgage and may have a couple of liens on her property (HOA, Utilities, etc.)

She wants to sell her house ASAP. It's a 4/3.5 built in 2005. I want to get her caught up and split the equity when it sells. Hopefully there's not any major structural things that need fixing. I need some clarity on a few things though

1. I live in south Florida. I want to see it, but it doesn't make sense to go up there

2. I can't find any comps on the property

3. How do I find a good agent in the area to help me with the deal?

4. Any other details I may need to get this thing rolling. 

[Marvin McTaw]

There are a couple of things you can do to make this work for you @Marco Petit

I live in south Florida. I want to see it, but it doesn't make sense to go up there

• Find a local partner or just find someone on Craigslist and send them out to the property. Have them take pictures and videos of the property for you.

I can't find any comps on the property

• How are you looking for comps? If you can't find any comps then that should tell you something about the area i.e. people aren't looking to purchase in the area. I would recommend checking out RedFin or Zillow to see what pops up though for comps.

How do I find a good agent in the area to help me with the deal?

• I'm not sure why you think you need an agent but you probably don't. Agents can be useful members of your team, but in the situation you've laid out, I'm not entirely sure how they will be valuable to you and will just uselessly eat into whatever kind of margin/profit you would be making on the deal

Any other details I may need to get this thing rolling.

• I'm a little confused on your exit strategy here. How are you going to make money on this potential deal? You said you can't find any comps so how can you even know if there's even any equity to give her? 
• I'd encourage you to find out the mortgage balance, what the monthly payments are, whether or not they include Insurance & Taxes, how much behind they are including penalties and fees. In Georgia, we have attorney closings (versus just using title companies in Florida) and they can find out a lot of the legal due diligence stuff once you've got the property under contract

Let me know if there's anything else I can help you with.