Hello,
Let me introduce myself first; My name is Ben, I am an electrical engineer, MBA student, and small-time entrepreneur in Cincinnati Ohio. I got here from searching to learn about foreclosures, flipping, and REI in general.
I have been researching my area and wanted to get opinions on this deal:
House: Sold in '02 for $200K
Will be auctioned for $135K min bid (appraised 200K).
I am interested if this sounds like a good deal or not.
Here are my questions:
1) Is it too late to contact the current owner and try to work out a settlement ahead of the auction? Would this possibly bring a lower price than the min bid?
2) In these kinds of auctions, is there a lot of competition? Is the house likely to be bid up, sold for the min, or not bid on at all? Cincinnati is a pretty slow RE market right now.
3) What happens if the house does not get any bids? Will it become an REO? followup: Will it be listed on the MLS?
4) Is this house priced too high for a rental? Does that mean fewer people would be interested if I birddogged it or wholesaled it?
5) What would you do?
Thanks for any responses! Thanks for this great forum, I have learned so much already!
Ben
