House selling for far below foreclosure amount
Hey all,
I ran into a situation that I'm not sure how to handle yet, and searching didn't seem to yield anything. I saw a house go on the MLS this week for $30K, and a quick search of records revealed that the owner is in foreclosure, has already had the judgment made against him and just needs to have the date of sale set. The amount owed to the bank is $66K. I can't imagine he's providing the other $36K to cure the default because if he had that sort of money he wouldn't be in default, right? It also seems like too deep of a discount to be a short sale. My question is, is it even worth it to look? I'm going to look anyway but I don't see how a sale of this sort works out in any fashion. The owner is a habitual defendant and has skipped on a couple other rental properties. The only explanation I can think of is that he's trying to sell the property at a huge discount to get somebody to jump on it, pocket the cash from the sale, and disappear before the bank catches up with him. Is this a common situation? Thanks in advance.