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I've become privy to two houses going up for auction on the 29th. Both, due the local market value of houses in the area are worth at least $250K. They're being foreclosed for only around $70K each. I'd like to get one but I'd love to get both, moving into one and using the rent or sale from the other to pay of the loan for both.

Here's the rub; while both houses look to be in good condition, in good neighborhoods, and seem to only be in need of some landscaping, the owners have flown the coop. No realtor behind to sell them, just up and left. I've already checked with the county clerk's office and confirmed there are no outstanding leans besides the one on each that is foreclosing but I can't close on either because the residents aren't there to close with, the banks haven't taken possesion yet so they won't talk to me, and while I can get preapproved for a loan to get one of the houses, the bank won't supply the money until I have contract in hand, which means I can't use the money at auction.

Any advice?

Sorry for putting this discussion in my introductory. I guess Im just very eager to make this work. I'll go ahead and post this my replies in the General Foreclosure area.

As for me, I'm 28 guy from the northern VA area hoping to slip a foot in a door somewhere in REIs. I've been reading up as much I can from numerous books and websites, getting familiar with the records departments in my county, and learning how the foreclosure process works here in VA.

Hello all. I got a deal in my sights and I was wondering what thoughts and advice some of you would have on it.

I live in Northern Virginia and have been studying the local market and how it works and I've noticed a pair of nice homes in nice neighborhoods with value going anywhere from $250K to $300K and they're both foreclosing for roughly $70K in a matter of weeks. I've checked them out and they look good, I just don't know of anywhere or anyone to get the hardcash from to get them.

Any thoughts?