OfflineGood evening everyone. I need some advice on a property that has been forclosed and is actually being autioned. This is a single family home that is currently bidding at $25,000 with bidding ending on the 11th of December, 2012. This home is a 4 bedroom 2 bath, approximately 1,887 sq ft with land 22,2215 sq ft. It was built in 1993. I went to look at the house and it is a great deal! It has a market value of $101,000. Comps are at about $91,000 - $102,000. The only problem is that in order for me to bid I need to deposit $1,000 in earnest money, which I don't have. I am finding great deals but no cash buyers!!! Any advice will be greatly appreciated.
Thanks and have a wonderful night.
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this home has overdue taxes of $1,900.00
try to find a partner in your area. half a loaf of bread is better than a whole loaf of nothing.
keep moving forward, rob
whether you think you can or you think you can't, you're right.- Henry Ford
keep moving forward, rob
We have purchased properties through county foreclosure auctions, REDC (auctions.com), Hudson & Marshall and even private local auction companies.
While you can get some good deals, you'll not only needs cash for a deposit, you'll usually need ALL CASH to pay for the property plus the buyer's premium.
Rob is correct, you need to find a partner with cash. But understand that
most investors that have the cash will just go directly & bid themselves so they don't have to split the profit.
You need to find a private lender that that is looking for a higher rate of return, example find an older person that has CDs in a bank getting .5 to .8% return & offer a 10% ROI.
Thank you for ya'lls advices. I will do that.