South Jersey, NJ · Member since 2014 · 154 posts · 50 votes
I don't have the capital to lay out on a sheriff sale or auction. And honestly I don't have the guts to do it sight unseen either. But a lot of these houses seem to be very good deals. One locally looks to be in amazing condition with a value of just over $200k that sold at auction for $104k.
I'm wondering if its realistic for me to contact the buyers (public info), and offer them say $15,000 more than they paid at auction. It would give me the chance to actually see and inspect the property, and I'd be able to get financing. They'd make a quick $15,000 without having to actually do anything at all to the property.
Residential Real Estate Broker · Westfield, IN · Member since 2010 · 85 posts · 31 votes
9y
Large banks generally will not talk to you. Smaller banks might. So give it a try. But if they are selling direct, they are probably looking for a quick closing cash deal. It doesn't hurt to find out.
If the buyer is an investor, they might consider your offer. A quick smaller profit might be more attractive to them than a larger profit that consumes time and ties up their resources for a while.
Rental Property Investor · Charlottesville, VA · Member since 2012 · 1k+ posts · 726 votes
9y
@Eric P. Sounds like a good idea to me. I have bought quite a few at foreclosure auction and usually what I get is a rehab project for several months and then I get my money if I made a good purchase. I would always forgo a bit of a profit to make a quick amount of money and move onto the next deal. Someone like you has never approached me though so I always have to do the work to make the money.