Gut Renovation - Foreclosure Need Feedback

[Nailah Diaz]

There's a Single Family property for Foreclosure. 1304 SFT, 3 Beds, 1 FB, 1 Unfinished Basement, 1 Garage with Driveway, LR, DR, Kitchen.

The approximate Fees due are $72,000. This includes the balance of the Mortgage $44000, Taxes, Sewer and Fines that I've researched. According to the Owner, there is No Underground Storage Tank? Hummm, not sure about that, so I'm awaiting the result of an OPRA request. Homes in the are for the same property go for about $379,000

Questions:

Should I have a Home Inspection done before going to Sherriff Sale?

How much should I pay for the property MAX?

What risks do I run other than looking for an Underground Storage Tank?

Research is showing Contractors estimating $250 psf for a GUT/Renovation... Seems VERY HIGH? 

What is a Realistic COST/ PSF for a GUT Renovation? 

Any recommendations on VERY GOOD CONTRACTORS in the NJ area for GUT/Renovation?

Thanks so much!

Nailah Diaz