Posted by The Frisco Kid on April 27, 2006 at 12:23:10:
Bram
It appears your talking about a foreclosed property. Much different then one that is “in” foreclosure. These properties have already been foreclosed upon and in most cases have gone back to the lender because no one outbid the lender at the trustee or sheriffs sale, and as a result there is no payoff because the loan doesn’t exisit anymore, the lender now owns the property and like any other owner they want to sell it and get as much as they can for it.
So figure what it is worth to you and offer less then that, much less as a start. Spend some time on the main discussion board here and it’s archives and start picking up info you can use. Always give the location of the property (state) so the investors from that state can give specific info/answers that us others are not familiar with. Plus you should find out if there is a redemption period in your state, this is where the foreclosed owner has the right to get the property back for a certain period of time, you wouldn’t want to fix it up nice and pretty only to have to turn it back over to the former owner because they got their act together by themselves or with someones help.