Quote:
Originally Posted by Xist
If the house is free and clear, but they owe back taxes then it would work, but if they are headed to foreclosure the bank has dibs.
|
It can still work, the margin is just a lot thinner. The bank and the town are just lienholders that are close to seizing the house, and you're looking at being a middleman who buys out the owner, pays off the lienholder and then has a house for well below market. The main difference is that the bank's lien is probably going to be much larger than the town's.
Depending on the market, you could look to foreclosed properties that banks are trying to cut their losses on- they're bankers, not property managers.