Prop with upcoming foreclosure

Bird Dogs, Wholesaling
1

I happened to come across a property that was listed on MLS, and is now going into foreclosure.

I did some research and found out why the property is going into foreclosure… for the price the owner purchased it for makes it impossible to short sale. It’s two twinhomes side by side, and two years ago it sold for $495,000. Problem is these two units wouldn’t cash flow at half the price.

I’m doubtful any bank will be willing to short sale it at that much of a discount (or am I wrong), but I’m wondering if there’s a way I can track it to the point at which it might go up for auction?

Any advice on what my next steps should be?

thanks!

2

Find the local newspaper that lists the foreclosures in the legal notices. Depending on state laws, some have to be publicly announced for weeks. Here in Michigan it is 6 weeks in the local paper before it goes to the sherriff sale.