Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago,

User Stats

153
Posts
37
Votes
Stephen Sokolow
  • Investor
  • South Bend, IN
37
Votes |
153
Posts

Deal Advice on Out of State Pre Foreclosure Deal

Stephen Sokolow
  • Investor
  • South Bend, IN
Posted

I am working on a pre-foreclosure deal and need advice. The deal looks like this:

Loan outstanding: $244,000 QuickenLoan and it is a FNMA

Other debt: Base on my preliminary title search $0

Equity: $85,000

The owner wants $350,000 based on a recent comp in the area. The property is a home on a block of homes that also has commercial zoning. 

What is my next step? How much do I offer? The ARV based on Realtytrac comps are from $184,000-$350,000. I am not located in the same State as where the property is and have not seen the interior. The home is listed with a Realtor but they do not have pictures so I am assuming the worst on a rehab. Any advice?

Loading replies...