NOD listing...advice appreciated!

Hello! First, from a Newbie…Thanks for all the information!!! This is a great forum!

We are working with a realtor that has given us a NOD listing. We would like to make some offers but we have a few questions.

  1. How much over what they owe do you offer?
    Loan amt owed is$38,000; loan in default for 5 months
    Property needs est. $10k in fix ups…this just by seeing the outside and assuming carpet, paint, plumbing. Dear hubby is great handy man, and I follow instructions well, so we’ll do most of the work.
    Comps in area show how value about $200,000.

  2. Do you need the title search before the offer…or make it part of the contract that it needs to be clear?

  3. Have others had success with NODs? Any advise?
    We really want to get into rehabs and flip properties, and also find rentals.

  4. What is the best appoarch in talking with the owners?

As I read more, I find myself coming up with a ton more questions, but for my first post, I’ll leave it at these!

Thanks for your input!