Foreclosure - Where to start?

[Matt Lewis]

I’ve found what I think is a deal. It’s a foreclosure on Zillow. I’ve found the realtor it’s listed with.

Do I have more bargain leverage since it’s a foreclosure ?

How much do I need down if I live out of state?

It’s a live-in-flip. But I won’t be moving to the are quite yet. Any tips ?

[Ehsan Rishat]

@Matt Lewis The property being a foreclosure does not effect its value. If anything it just means that the previous owners probably took a big hit to their credit as they weren't able to keep up with mortgage payments. Go to the site. Assess the value of the property and make notes on repairs which will be necessary. After you get an estimate of the market value and the after repair value of the property make an offer of 70% of the market value. Continue bargaining until you settle on a price you like and close the deal. 

Good Luck!