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Updated over 4 years ago on . Most recent reply

User Stats

157
Posts
83
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Matt W.
  • Rental Property Investor
83
Votes |
157
Posts

2 foreclosures, help me choose!

Matt W.
  • Rental Property Investor
Posted

I need help deciding on which property to try to buy!

House A: 3/2 1200 sq ft in a decent B area. Built 1996 cookie cutter houses ARV $240k

This house is currently in the foreclosure bidding period, next bid is $120k. The issue is the owner is still living in it. I have spoke to several attorneys and they say the owner will be forced to leave by the county sheriff in the foreclosure process if they do not leave willingly. The condition of the house is unknown, might need minimal work or major rehab.

I have attempted contacting the owner to offer them cash for keys if they let me inspect inside and agree to leave it in a neat condition, but have been unsuccessful. Worried they might trash the house in the way out.

House B: 3/2 1800sq ft in a great B+ area. Built 2004 semi custom, ARV $350k scheduled to go court sale 4/13 so owner really wants to sell.

Owner has had other offers but would sign a contract for $245k. I inspected the house and estimate repairs @ $30k, so would not be a "perfect BRRRR" but pretty close.

I have the funding to do either but not both. My plan now is to try to get house B at $230k which would give me much more breathing room in my budget and ARV numbers. If she turns me down then I would go with house A.

Am I missing anything? Have done title search, no surprises on either house.

Thanks!

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