I've become privy to two houses going up for auction on the 29th. Both, due the local market value of houses in the area are worth at least $250K. They're being foreclosed for only around $70K each. I'd like to get one but I'd love to get both, moving into one and using the rent or sale from the other to pay of the loan for both.
Here's the rub; while both houses look to be in good condition, in good neighborhoods, and seem to only be in need of some landscaping, the owners have flown the coop. No realtor behind to sell them, just up and left. I've already checked with the county clerk's office and confirmed there are no outstanding leans besides the one on each that is foreclosing but I can't close on either because the residents aren't there to close with, the banks haven't taken possesion yet so they won't talk to me, and while I can get preapproved for a loan to get one of the houses, the bank won't supply the money until I have contract in hand, which means I can't use the money at auction.
Any advice?
