Possible Deal or Not

[Eric Mitchell]

Happy Holidays to all. There is a pre-foreclosure that I am going to on Friday. Here is the data that I have so far

Foreclosed amount : $ 169,400 ( with no junior liens )

Delinquent amount : $ 6,000

Delinquent property tax amount : $ 3,2000

Comps avg of 4 homes sold within a 1/2 mile radius in the last 4 months : $ 386,000

I was thinking about actually living in this home because it is beautiful. I still have to get an appraisal and inspection but that's standard procedure. Here is what my offer is going to be

Starting @ $386,000 , I'm going to subtract all of the above numbers ( 169k - 6k - 3.2k ) which will equal $ 207,400. Then I'm going to add $75,000 to give the owner some cash for a fresh start which will bring my total offer to $282,400.

I can knock 2 birds out with one stone by helping the home owner avoid foreclosure and possibly filing a BK to keep the home. Give the homeowner $75,000 for a fresh start. Getting the home that I want to live in along with $103,600 of instant equity. Please let me know what you think since this will be my first deal. I made the decision to get my feet wet. Thank you all in advance for all responses.