possible deal/ help????

i am located in walworth county in wi i had a lady call me today on a mailing i had sent for pre foreclosure. the auction is sept 14th currently listed with agent but thats up at the end of the month. it was built in 2002 its around 4400 sq ft 4 bd 3 bath total of 12 rooms 3 car attached garage on 7.65 acres. she left a message stating that loan is around 460,000 and i also was able to find out that there are about 7,500 in back taxes. now with that said i was able to find it listed for 497.500 now my question is what are some ideas if any is there a deal here i know being that with foreclosure amount and taxes only bringing it to 470,000 unlikely for short sale what are your thoughts???

How long has it been on the market? I would be careful buying it with that little of a spread. Unless you can negotiate a short sale in time and pay cash for the property using hard money then you may want to move on.
Good Luck and keep us posted.

not sure how long its been on the market still trying to get back in touch with owners this is just info i was able to find out and what they left on msg …will be sure to let u know what happens

Two things that I would consider up front:

  1. What is the median home price for the area?
    If the average home sells for $200k in that area, you may have a tough time selling it when you’re done because you’ll really be limited in the number of buyers that would look at it. If the average home is $400k - $500k then you’ll probably be in the ballpark.

  2. What do the comps say it’s worth?
    Just because they’ve listed it at $498k doesn’t mean that it’s worth that amount. Get a good CMA report on the house, but not from the listing agent - they can bias the report in their favor. After you have more details, it’ll be much easier to get a good feel for if you should try to make the deal work for you.