Hi folks,
I was looking through a list of preforeclosure homes and some of them have default amounts that far exceed the value of the house. I looked at a house with comps around $450k and the default amount was $1,105,900!!! Is this possible or maybe just a typo? I have seen many preforeclosure listings that are similar to this situation.
But my real question is, when I’m looking through the Preforeclosure homes, how do I determine if a house is even worth contacting the owner about? What kind of numbers should I be looking at on the preforeclosure lists and comps to help me determine if a particular property is even worth contacting the owner for additional information?
Or do I not even bother looking at the numbers and just contact whoever is on the preforeclosure list which will amount to either a lot of mail or a lot of walking.