Deal Advice on Out of State Pre Foreclosure Deal
I am working on a pre-foreclosure deal and need advice. The deal looks like this:
Loan outstanding: $244,000 QuickenLoan and it is a FNMA
Other debt: Base on my preliminary title search $0
Equity: $85,000
The owner wants $350,000 based on a recent comp in the area. The property is a home on a block of homes that also has commercial zoning.
What is my next step? How much do I offer? The ARV based on Realtytrac comps are from $184,000-$350,000. I am not located in the same State as where the property is and have not seen the interior. The home is listed with a Realtor but they do not have pictures so I am assuming the worst on a rehab. Any advice?