Pre Foreclosure SFR House in Lakewood

[Huy Nguyen]

I found this property that is in pre foreclosure. The default amount is $11,000 and they got the notice in march. The total mortgage is $100,000. The total ARV for the house is $500,000 maybe more. I looked at their sales history and they bought the house in 1999 for 200,000. i think i can buy it for 400,000.

I was curious if anybody here wanted to partner up 50/50. The house is in Lakewood, CA where i live and we can figure the best plan of action. but i am thinking of flipping it.

Also,  I have several leads with the same type of situation if this doesn't work out.

PM if you are interested. 

[Matthew Okosodo]

Do you know how much the  repair will cost, if any? Do you know if the owner is willing to sell because they could just borrow $11,000 and settle the dept.

If the ARV is assumed to be $500,000 I will start at %65 ARV and not more than 75%.

However, I will find out what the owner have in mind about the house before I do anything.

If they are willing to sell, I will then check for repair estimate, and a quick comparable values before making an offer. If they are willing to accept an offer of 75% ARV and the price is right for your ARV, I will not hesitate but make the offer right there and give 45 days closing if that is acceptable in your area. Please do not forget to add funding contingency.

Thanks

Matthew.

[Huy Nguyen]

I only saw the place from the outside. It looked really good.  I'll talk to the owner to see what they have in mind.