Pre foreclosure sfr

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Hello BP! 

I am looking to purchase a SFR that is still in pre-foreclosure. Here are the numbers I have as of now:

Foreclosure default amount: $165K

FORECLOSE ORIGINAL MORTGAGE AMOUNT: $270K

ARV: Comps show upwards of $220K

Repair cost: $40K

City: Bakersfield, Ca

Based on these initial numbers how do I make this deal work as a flip?

The way I see it in order to for me to obtain this property is to satisfy the default amount. That would not leave any money in it for me after the repairs, fees, holding cost...am I correct or can someone please help me see something else.

Thanks BP.

[Ron S.]

Originally posted by @Jassem A.:

You might get the best price on the property when it goes to the trustee auction but you will need to bring a cashiers check usually for 10% of what you want to pay and then you will have 15-30 days to pay it. Once it hits the MLS the price will probably go up. The bank doesn't involve a realtor until after the property doesn't sell at auction and at that point they will involve a realtor and you might pay more. I like realtytrac for scoping auctions and it's possible to find out the address without signing up.

Not in California...you bring a cashier's check for the entire amount of the purchase on that day. there is no 15-30 days to pay for it. You bring all of your cash right there to the auction.