If not sold at the auction, bank buys back the property.

They will typically buy back property at par of purchase plus a small inflation adjustment, from what I'm sold.My concern is that if the home is sold, where can they live for the nominal mortgage payment a 30K house provides?

Good morning fellow BPers: I’ll get right down to it.I’m at the tail end of my first 1031 deal (hurray).Sold a property in Los Angeles and was able to buy three townhomes in, yup you guessed it, Eastern North Carolina.I closed on the first property two days ago, with no mortgage.

(Buying for 247 as foreclosure, neighbor just sold for $380). 

The people who got burned 10 years ago got burned because they sold in a down market (or got foreclosed on). 

I personally like targeting stale listings, reaching out to owners who have been marketing their properties for 120+ days but have not sold them yet.

Another 4 unit a few miles away, in worse condition, sold for $337k, so I know theres some equity in this one already.

The funny part of the story is they hired a private eye and got the police looking for the bookkeeper, who was there when I installed the software so I know him by sight.

That low down-payment and rate is too enticing for us to simply start looking for private/hard money if there's another option out there. 

(That shows REAL dedication)A couple things. 1) If you sold the house how much $$$ would you walk with?