I am a newbie to the real estate arena. I have been driving past this house for several months now. Yard was over grown, then it was cut and a realtor sign went up and now it is gone. Grass is over grown again so I decided to look it up in the public record. I found out that a LP was filed on 12/13/06 and it is a VA loan through Chase.
Here is what I found out so far:
1st - 165k (first is foreclosing)
2nd - 35k
Comps in the area are around 220-230K.
From what I have been reading on a lot of these postings is that I should reinstate the 1st and short the 2nd. Are VA loans treated any differently then conventional loans? I am sending out a letter as we speak to see if I can get them to call.
As far as my exit strategy, I will either lease option it or wholesale it if possible.