Foreclosure - Where to start?

Question

I’ve found what I think is a deal. It’s a foreclosure on Zillow. I’ve found the realtor it’s listed with.

Do I have more bargain leverage since it’s a foreclosure ?

How much do I need down if I live out of state?

It’s a live-in-flip. But I won’t be moving to the are quite yet. Any tips ?

Ehsan Rishat · Answer

@Matt Lewis The property being a foreclosure does not effect its value. If anything it just means that the previous owners probably took a big hit to their credit as they weren't able to keep up with mortgage payments. Go to the site. Assess the value of the property and make notes on repairs which will be necessary. After you get an estimate of the market value and the after repair value of the property make an offer of 70% of the market value. Continue bargaining until you settle on a price you like and close the deal.

Good Luck!

Matt Lewis · Answer

@Ehsan Rishat you’re the man!

Daray Olaleye · Answer

@Matt Lewis

Hey Matt, based on your string of questions, I think it's best to get some education in the space before pursuing something like this. These forums are awesome but I think there's a lot that can fall through the cracks if this is your primary source of learning. Hit the education tab on this site and you'll have more great content than you'll know what to do with. For now, taking down this deal, much less in such a creative way is not in your wheelhouse, but in due time, it can be! Good luck!

Matt Lewis · Answer

Thanks @Daray Olaleye !