Wholesaler in Grants Pass, OR? Newbie needs help

[Josephine Bolden]

I found a property i want to make an offer on in Grants Pass, OR and am totally lost. Just been on BP a week. Looks like the seller owes $187,000 (Value is $300k-$400k.) An auction is scheduled for Sept. I do not know how to proceed, and don't know exactly where in the foreclosure process it is in. Do i just approach the seller and see if I can assume the loan, or make an offer in the hopes i can proceed with an FHA or conventional? I have $12k in the bank, which would just cover down and closing. Could be a great house hacking opportunity. Our market is incredibly tight here. Almost zero vacancy rate. I need to act fast, but there is nobody local to network with. Eugene is 2 hours north. Anyone out there who could advise?

I was prequalified for $250k before the interest rates spiked, but do not have closing costs for a $250 price. Vantage Credit score is 767.

[Lawrence Potts]

Hey Josephine,

Typically once it’s reached the auction door steps, there’s not much you can do. Typically that’s dealt through the county sheriff department. During this time, the sellers have a way to settle the debt owed to reclaim title, but most do not get the money in time.

I’m not an expert in foreclosures but you can try to buy it at the courthouse steps. You’ll need a check for the full amount ready to sign right there at the end of the auction. Most if not all mortgage lenders will not lend against foreclosure properties.

You will not be able to get an FHA loan on it unfortunately.

I hope that helps. Foreclosures like this one can be a great opportunity to buy something below market value but the requirements make it have a more difficult barrier of entry.

Grants pass is a very tight market, very low inventory but deals are still being made there.