Real Estate Investor · Baltimore, MD · Member since 2008 · 619 posts · 75 votes
One of my birddogs just sent me a property. The property is being foreclosed on on July 29th. Property appraises for 340k, owner will take 270k.
I know the law just changed in MD that after 60 days late you have consult a Real Estate agent. How do I operate within the law, and still turn this into a deal?
The margins don't look good enough to wholesale, but there is alot of built in equity.
Real Estate Coach · Oakton, VA · Member since 2008 · 695 posts · 43 votes
18y
This doesn't look like much of a deal. You can't pay cash, and I doubt you could take it over subject-to, because at $270,000 I doubt it would cash flow.
Also, since Maryland is a crazy person state, you are going to have to get the foreclosure consultant to play middle man for you.
I would start networking at your local REIA's and you will meet several foreclosure consultants who can assist you.