Need Quick Help Please!!

[Account Closed]

Hello Seasoned Investors,

During my first visit as a newbie to my county sheriff sale website few min back (I went to familiarize myself for potential future foreclosure investments) I found a property virtually next door to where I live and I in fact I know the owner as well.

Few facts taken from the website before I type my questions:

• The Case Type is: Complaint In Mortgage Foreclosure.
• Somehow the current appraisal price is way too low than I would expect.
• The most recent docket text states: COURT ORDER IN REAGRDS TO PLAINTIFFS MOTION TO REASSESS DAMAGES ON 01/31/2014 TO XXXX AND SHERIFFS OFFICE ATTN: YYYY
• The sale date is listed as postponed to 4/30/14.

Not sure how to approach this given I am new to all this and was not anticipating such a sweet deal which I could manage so easily as 'buy and hold' goal for this year.

Things I am not sure about:

1. Should I try to even approach the owner to find out more ? The concern I have is that I might end up offending the owner!

2. Is bank looking for current estimated price listed on the sheriff sale website or it is just the appraisal price ?

3. What should I do in the next couple of days (as 30 April is not far) to increase my chances to get this property under my belt ?

Looking forward to some expert opinions. Would be happy to provide additional information as I am not sure I gave all what is even needed to give expert opinion anyway and honestly some of my questions may sound stupid. Just too excited after I just found it!

[Wayne Brooks]

Definitely approach the owner in a straight forward, but understanding way. You should be able to find the judgment amount from the file, unless that's the "XXXX". If there is sufficient equity, try to make a deal. You'll need to pay cash of course, unless you have other financing available. Make sure and do a title search for any other liens or judgments.