I was browsing the web looking for different deals and yada yada yada i see this advertisement for a 2 day special auction where 150 sandy damaged homes and lots will be auctioned and 24 with water views and 70 with actuall water frontage bulkhead etc... the cheaper ones had pre storm values 220k-550k and starting bid under 100k but not on the waterthe waterfront homes with that start under 100k are all scheduled for demolition HOWEVER there are a few starting 110k-240k with pre storm values of 450k- 1.2million...So they had the brochure for free on the line but make you purchase a information package with all the due diligence from title reports to sales agreement for the properties...So personally i will not consider a property scheduled for demolition.....

@Charles Worth My team and I work with homeowners around New York and Brooklyn who are in pre-foreclosure and offer a solution for them before the bank forecloses.

My understanding is that I'm no better off than if my gross income was exactly 20k.W2 IncomeNot real numbers but for argument sake:  Let's say I make 200k and I deposit 50k into a pre-tax 401k over 2014. 

But I'm definitely interested in rolling the dice a bit more in Missouri.To everyone else, thanks for the warm welcome!

Land value and improved value are both listed, plus the property sold in 2008 for 65,000 There will obviously be exceptions, but my understanding is that most properties are still selling for significantly LESS than in (pre-GFC) 2008.

Seller retains the tax shelter (expenses, interest write-offs).Lease purchasing (lease-to-own) puts pre-qualified, reliable tenant/buyers in now-vacant properties.

You can usually ask for a higher interest rate and have the lender pay some of the closing costs, or you could roll the closing costs into the loan amount, or you could have it paid out of your cash proceeds.  

Kansas requires a Sales Pre-license Course and a Kansas Sales Practice Course.  

There is a pre-payment penalty.

problem is i fell in love with the house and would like to live in it but its underwater  15K  and in pre-forclosureEstimated Value $1,164,606Listed for Sale NoLoan Balance $1,180,000In Foreclosure PreforeclosureEst.