Wholesaler wants Absentee Owner in Foreclosure

[Account Closed]

I am getting familiar with Washington State absentee-owners in foreclosure. Now before anyone gets all "excited", absentee owners are fair game in regards to foreclosure so lets please not open up that can of worms. Anyhow, I wanted to know if someone could give me some insight on what I can do with these numbers as a wholesaler. 

Property is condemned - does this mean the owner no longer has the right to sell per eminant domaine? Or just that the property is uninhabitable? 

Foreclosure amount: $52k

Original Mortgage Amount: $80k

Unpaid balance: $70k

Set for auction: (Late April)...

Comps in the neighborhood are around: $200k

considering the circumstances, does this sound like a deal? My biggest concern is that it is condemned but I am assuming there's an investor out there who could demo the house if the numbers look right. 

[Paul Hitchings]

You need to find out why it was condemned and what the condition of the property is. Then you need a contractor to give you a quote on repairs, not because you will fix it, but to find out if another investor has a chance at making a buck.

Without even seeing it, I'm thinking RUN!

This project sounds like a better deal for someone going to BRRRR. You are trying to put yourself in the middle of a deal with a home that in all likelihood needs A LOT of repair. The risk is very high and I don't see the numbers being amazing for you no matter how you slice it, especially because your end buyer is going to say "this house is condemned, I need to put X into it and I'm trying to make a profit too! I can't possibly offer you more than X for it..."

Looking into the future, this headache is probably not worth it. But I'm no magic 8 ball.

The big caveat to all of the above is if you can pick it up for a killer price at auction. But typically, you can NOT inspect the inside of properties prior to auction, so do you want to trust a quote from a contractor staying in through a window or? 

Honestly, I would go to the property and snoop around and take pictures and then share with us :)