Found a Forclosure..What next ?

I drove past a house with a big sign Forclosure Auction April 30th 18,900.00 certfied ck to bid… etc… The homeowner/occupant was outside in the yard while i was reviewing the sign… ( i felt a lil awkward) What is the next step.? How do i approach them to beat this foreclosure to auction. ( Dont wanna upset em) There are many junk RV’s and cars ion the property too… From outside looks loke needs siding and a new roof…along with landscape work. Inside condition im unaware of…? Write a letter or approach personally…? I will try to pull the platt/field card the next couple of days… I know i need to know how much is owed on the property to bank and/or liens… anything else? also what steps for due diligence? I will have to eval the property as is & realize its potential fixed… All necessary input is appreciated… Walk me through this one !!

Well this is the final on that property i found… The property was auctioned off bidding sstarted at what the bank was in it for plus liens… which was 145K it escladed in 10 minitues eliminating all small bidders leaving just builders left. The builders bid to 247,000 for this two lot (5.41 acres) w/ junk 1900’s house. 247,000 sold to the highest bidder. I asked him after what his plans to do with it was … Knock down the house make two lots and build a house for him and one to sell… he said @ here NE CT lots run 100-120K per lot and he even paid more then that… nothing i would want or could compete with… Crazy price i thought

Perhaps next time you will move a bit quicker and get your due diligence done. If you had, you could have gotten the property for the $145K and then could have sold it to the person that ended up buying it or someone like him for the amount he paid at the auction. That would have been $102K in YOUR pocket.

I only answered this because regardless of how old it is it warrants an reply…