Deal right under my nose

Foreclosures, Short Sales, Tax Foreclosures
1

So the house next door to me was sold last may for tax liens, and the company that purchased it is in the process of foreclosing. The owner has only stopped by twice in the last year.

Anyway I know the lien was around 12k, the company bid 80k. As, is condition is valued around 180k. Needs about 20-25k worth of work and ARV will be 250-270k.

I did a reverse search and found the owner’s office line, and I have the attorney’s number that is handling the foreclosure.

What should be my course of action at this point? This house would be a GREAT flip, and a good rental too.

Help? I am not too familiar with the pre-foreclosure process.

2

Get control of the property-Think a ridiculous offer, add 20K and make offer. Once you have control, sales agreement with option clauses - Do your homework, run numbers, get buyer lined up. If it’s too good to be true, all the more reason to be diligent. This is a numbers game and emotion plays no role here. Good luck

3

So, even though the company paid 80k to the city, for the 12k lien I can purchase for 20K?

Wouldn’t I need to pay off the 80k that the bidder paid?

If we purchase, we were going to purchase ourselves, and rehab and resell.