I am working this pre-foreclosure backwards

[Anthony Barone]

I am looking at this pre-foreclosure in my neighborhood. I have not done one yet.

SFH 1008sqft

FMV is $142,000

Home was bought in 2012 for 68k

I ran a report on it and estimated that they owe about 45k on the home still.

I am considering trying to buy it for 50-55,000 cash offer.

Can I trust the report I did on bigger pockets that they only owe between 41-43k?

I would like to solve their problem and help myself too.

What do you think? What have you done before? Has anything backfired?

[Wayne Brooks]

The “report” you ran, I assume a loan amortization calculator, means nothing.  You need to find what mtgs/liens are Actually on the property.

Just because they are in foreclosure doesn’t mean they will sell a $140k house for $55k.