Buying the note before foreclosure?
My company is looking at the acquisition of a pool of first position non performing residential mortgage notes in various states. These mortgages are within 6 months of going to the foreclosure auction. Buying the note before it goes to the auction would seem like a good way to get the property back for flip or rental, rather than being on the other side of the table as a bidder.
Is this something that a real estate investor would find attractive to get the property before it goes to auction? Our thinking is to either foreclose and sell the REO to investors, or just sell the distressed, pre forclosure note so the investor can "be the bank" and foreclose.
Any opinions or insights are appreciated!