I am new and would like some feedback on a particular situation regarding a potential deal.
I have knowledge of several high-end, very upscale "new construction" homes here in the Houston, Tx. area that are in or on the brink of foreclosure. These homes are located in a beautiful, upscale gated community. The properties are 2 story, 4-5 Bedroom, 4-4.5 bathrooms, custom built homes, a couple of which are situated on a small lake (waterfront).
The properties have been listed for over a year and are priced in the $750,000 to $900,000 range. TotalViewRealEstate.com was unable to produce credible evaluations for obvious reasons (i.e., new construction, lack of comps, etc.), but the current county tax appraisals for 2010 closely match the list prices.
Since these properties are either in or about to go into foreclosure, would it be feasible to try and make some type of investor deal on these and, if so, what would be the best approach (i.e. what technique or strategy to use, how would an offer be constructed, what steps should be taken at this time, etc.)?
The homes and lots are beautiful but the marketing of these properties has been sorely lacking. After joining up with SFL and with Dean's program I just have a feeling that there could be some good money made from this situation. I just need to know what the best approach would be and how to do the deal. If I have not provided enough information please let me know.
Any assistance and feedback would be greatly appreciated.