Offer sight-unseen on occupied foreclosure.

[Bryan L.]

I have about 10 years of foreclosure buying and rehabbing experience under my belt, but I'm about to do something for the first time. Looking for everybody's thoughts. There is a foreclosure that recently hit an on-line auction site. It recently went back to the bank at the courthouse steps, but the previous owners have not yet moved out. It's now for sale as-is, no contingencies, with buyer obtaining the occupants. At the current price, it would be almost no chance for me to lose money. The outside looks good, is well kept, and the house is only about 10 years old. Air-conditioning was running today when I drove by. My guess is that they have taken relatively good care of it. I can't imagine a rehab needing more than 25K on this house. Even if it did, I would still break even or make a few grand with conservative comps. On the other hand, if it just needs a light rehab, there could possibly be a 25 - 30K profit, which is very good in this price range in my area. Anyway, I'm very tempted to make the offer sight-unseen (not supposed to disturb the occupants).