Updated over 8 years ago on . Most recent reply
Pre Foreclosure Deal
Hello Everyone,
I recent was communicating with a wholesaler about a possible deal which is a pre foreclosure. I am very new to real estate investing and seeking guidance if this would worth pursuing.
Background:
The owner took out a mortgage on the property in 2009 for 210k. The last time the owner paid the mortgage was July of 2016. So it has 7 years of payments. The owner invested 15k of updates in the house, including roof, kitchen, and repairs. The owner tried to sell it through a realtor but buyer inspection found there is a code violation with the house electrical wiring. Property has unknown lien on the title for $2800. This might not be the full picture. Would it be a good idea to do a subject to because the property has about 60K of equity and the properties in that area is selling for $240K and above. Some work is need such cosmetic and possible electrical. Any feedback would be great.