OfflineHello All,
I came across an Shetiiff Sales list shich contains auctions that already took place and auctions that are going to happen in future.
Here is my question..
There is a judgement for $20,000/- against the property, the FMV as per Zillow is around $600k.
I called the Owner and left message saying that I ould like to make an offer and when can I go and look at the property.
Is it possible for me to place an offer prior to the auction date, if Yes, what should be my offer given tha fact the Judgement is around 20K and the FMV is 600K.
Thanks for your time.
Bimal
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Wish Everybody a great success in their Real Estate Business
I am not sure what state you are in, but just last month Jeremy and I bid a tax sale in upstate NY. You could only bid on it the day of the bidding, and it was by sealed bid with a 10% bid deposit to go with it. Then if you get the bid you have 30 days to come up with the funding and you inherit the lien also, which in your case might not be to bad a deal. Approach this owner with caution. If you were about to get booted out of your 600k house, would you be willing to let someone walk thru it. Just a word of caution friend. Good luck and keep us posted, should be interesting...Jan
I am in New Jersey.
From your response is it OK to assume that I can get the house for as low as 20K.
Also haven't yet heard from the owner and your suggestion well taken.
Thanks
Bimal
Wish Everybody a great success in their Real Estate Business
Well it is hard to say what you can bid for it. If you go to the county office building, any of liens on the house would be public record, so you might want to start there if you have time before the bid. You might want to try to call the lien holder also. If there is a mortgage on the house, that means the lien takes second place. If you offer the owner a deal I am pretty sure you get the lien also, which means you pay it off. There are different scenerios for this deal. but start by going to the county building and do some homework, it could be worth the time.....Jan
Jan, Thanks for your input.
Bimal
Wish Everybody a great success in their Real Estate Business