On zillow it's assessed at 59k and houses in the area have been selling around that range.

I doubt IRS has resources to compare the assessed values with real values for every property they encumbered.They slapped a lien cause someone didn't pay the taxes.

If it really does only need 1k in repairs that is an incredible deal at 5k a door.Just have to make sure utilities,high taxes assessments,and maintenance don't eat you up.Do you have a pic of the property.No address just wanted to see what it looked like for that price.Here that would be in a war zone in Atlanta and I wouldn't go near it.

I would have to refinance as guarantor within 3 years (and then pay recording taxes anyway) Prepayment penalty has since passed but technically bank could assess transfer penalty when called.

A valid assessment Jon.When I saw you posted here, I was afraid of over-moderation, but your post was quite accurate IMHO.You elaborated on my post in that the more complex questions will get fewer answers simply because fewer people know them.

I also always check the tax parcel information (which can usually be found online) to see what the house is tax assessed at and to get all the other information they have listed on it.

I'd appreciate some insight on this.I'm going to look at a HUD foreclosure listed with a broker for $48K, tax assessed value.

I apologize if I seem a little harsh, but come on you have to be kidding me.Go by and see the inside and do an assessement and if you are looking to wholesale the deal why not get it at a dirt cheap price and HOLD on to it.Site unseen I would probably offer them using the 100k price point for the sake of numbers 35k.

Jon,I'd appreciate your input on this.I'm going to look at a HUD foreclosure listed with a broker for $48K, tax assessed value.

(I’m assuming he has successfully gotten the tax assessor to re-assess the property, which is common in CA now.)