Unopened Succession Pre-Forclosure - Seeking Help!

[John C.]

Being new to REI, I'm not sure what to do with the following scenario, but I think I smell a deal! Advice, guidance and even "hand-holding" are welcomed!

Yesterday I located a property in pre-foreclosure, scheduled to be auctioned mid-March.  The foreclosure notice is the mortgage company vs. "the unopened succession of".....

The owner apparently died in June 2012, and the house appears to be vacant.

The writ amount is $98,500.  (What is the best method for finding/determining accurate comps?)

Indications are that the brick house was built in 1994 and is approx. 1250 sf.  From the outside, it appears to have been kept up; someone has at least been taking care of the yard.  It is in a good neighborhood and, having to guess based on outward appearances, I would assume that very little would need to be done inside to make it move in ready.  Again, I would conservatively estimate that this house would retail for $150K.

Upon "googling" the deceased's name last night, within two minutes I was able to find the names of four children and eight grandchildren.  Additionally, with little effort, I found telephone numbers for one child and one grandchild.  These were the first and only two that I attempted to find.  (I figured I could search for others if needed.)

I am assuming that the next step would be to contact these relatives and pursue a deal.  I have no problems doing so, BUT moving forward would potentially make this my first deal!  Because of my complete lack of experience, I am asking the seasoned veterans here at Bigger Pockets!  What should I do next?  What type of deal would be the best strategy?  What would YOU do?  I am here to work, learn and earn!

Your input and assistance is greatly anticipated and even more appreciated!

Thanks!

John

[Jeanine P.]

@Mark Pedroza 

Thanks, I am familiar with your post and have seen you around for a while.