I responded your rent is 33% under market for this area why do you think he sold the building?

The liens will grow until title is transferred out of the deceased persons name and either paid off or property sold.

Refer them to your mortgage person, make sure they pay the $40 to $50 cost for the report in advance and ask the lender to create the "Consumer Copy" report and sent to the applicants.   

Hello everyone,So, I found a foreclosure that was sold to the current LLC in 2013 and the property has a current tenant.

It isn't a neg am loan since those don't exist any more and didn't last year either so, none of those scenarios would work for how the balance could be twice the value (Or any factor above the value).The only thing I can think of is that you don't have a copy of the appraisal done when the loan for $3.2MM was done.

There may be some slight changes since the official counts come out after all certificates are paid.Rates were down this year along with the number of liens available, and total $ sold.

Once the house is sold, the lien will be taken care of and the seller will walk away with a profit. 

It's a duplex and needs a bunch of updating to take it out of the 70's...old windows, fake marble bathroom panels, plywood in 2 rooms for floors, etc. 

well first off this being a landlord site.. and a positive cash flow site generally speaking.. most will tell you are nuts to buy this.however if you can get the property to just about break even maybe lose 100 a month or so and you have a prime Socal asset that someone else is paying off your mortgage and you think rents can go up a little.and you can EAISLY self manage based on quality of the unit .. incredible tight rental market.. that mitigates a lot of land lord issues.I mean whats the alternative you go 1000 miles away to make 100 or 200 a month.. is that positive cash flow going to change your life..is 100 a month negative going to change your life.now this is an extreme.. but i owned a home in Palo Alto that i chose to sell back in 91 because it would have been 300 a month negative.. well that negative within 36 months would have been positive.. and i sold for 500k and today that home is worth 3 million.... and once it got positive it probably would have been positive up to 2 to 3k a month coming into the 2010's.... and someone else would have paid for my home.. plus grade A tenants at all times.. being prime Palo Alto.so thats one extreme.. its really only in low to no appreciating markets with tougher tenant bases that turn a bunch that positive cash flow becomes more acute or for those that want to one day live on their cash flow and be in the business of landlording.. thereby acquiring 50 to 100 doors. 

When I owned my landscape business years ago before I sold it, on of my clients was a 14 unit apartment complex.