I did a quick comp check and $349 seems inline with the area and the number is also good for cash flow rental. So my question is where were the cash investors/flippers? why didn’t they swoop in at the auction?
I haven’t looked but my guess is the foreclosing lender was probably the 1st TD holder. Thus, they were senior to possible other liens on the property, which were wiped out when it reverted to the beneficiary at the time of the trustee’s sale.
Not so for a bidder. Their Trustee’s Deed would have been junior to any other existing liens and thus the property was too encumbered to make it worth bidding on at the trustee’s sale.
You have no idea what the opening bid was. You have no idea of what other liens were on the property. You have no idea if there were any taxes owed. There also could have been outstanding permit issues.
It is not as easy at you think it is.
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