OK...this business seems to be consuming my life.  I LOVE IT...and I haven't even done much yet.  OK...lesson two...I found a fabulous pre foreclosure not too far from where I live and work.  I "researched" it first...read all the deed information on line...looked at comps...drove by at lunchtime...CUTEST HOUSE EVER...in a beautiful neighborhood.  My "research" showed me that the owner (same lady since 1998) owed about $171K on the house, and the FMV on the house was about $240K.  I'm thinkin' CHA-CHING!!!  So I go back in the evening, prepared with my little speech for the owner and armed with all of the questions I needed to determine if I could help make her financial woes go away.  I even prepared a note to leave in the door in case she wasn't home.  Sooo I drive over, walk up to the door and see a note  saying that the property has been abandoned as of 4/28/08.  I peek in...there's still furniture in there and the place looks to be in good condition.  I walk around the back and WHOA NELLIE, the deck (a two tiered deck...about 30' x 40' on the top and 20' x 20' on the bottom) the patio (about 20' x 20' stamped concrete below the lower deck), and the backyard are TO DIE FOR.  For a moment, I had visions of moving in and having friends over for a cookout.  I got sooooo excited!!!  I called my realtor friend, who came over for a look.  He agreed that if in fact $171K was all that was owed, I had myself a winner.  I then called my appraiser friend, who met me at my office.  He used a website to which I didn't have access and found that there is at least one additional lien on the property...a second mortgage for $81K.  My heart sank.  It wasn't the deal I thought it was.  I'm still going to the auction next week to see how that goes...and I'll keep following it through the foreclosure.  I have a feeling about this one...it may come back yet.  <SIGH>   Very well then, in the meantime, on to the next one...armed with a little more experience!

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