I know a couple that’s home is about to get foreclosed on. They purchased it for $117k, but they still owe $114k and very little repairs are needed.

Is it possible for me to make some money on this property? If so, please explain.
Thanks to any replys?

How much is the home worth?

I’m not sure, they haven’t had an appraisal on it. How would I figure out how much it’s worth without paying for an appraisal? Do I just look at the comps in that area and compare? Thanks

Without knowing how much it is worth, no one can tell you if you can make a profit. You could bird dog it to a short sales guy and get paid if they successfully short sale it.

Look at the comps in the area and compare it based on square footage and age…

What about in the “Investor Resources” section located to the left in this website titled “Tax Appraisal Districts”, would that work or is that pretty accurate? If it does work then that property shows it’s market value to be at $111k.

In the mean time I will be trying to contact a realtor to see if they can send me the comps to that area. Thanks!