2006-09-14 09:47:38 · 5 answers · asked by lizsheltonhare 2 in Business & Finance ➔ Renting & Real Estate
Because they want to get enough to pay off their mortgage, any senior liens and recoup their expenses. Unfortunately most people think you can get a deal on a foreclosure but they are few and far between in this day. Most of them have mortgages that were done at 100% LTV and they weren't in them long enough to get the payoffs below market value.
2006-09-14 12:20:19 · answer #1 · answered by Karen R 3 · 0⤊ 0⤋
Market value is a matter of opinion. What matters is what a willing buyer is willing to pay to a willing seller. If you see a property you want to buy, make up your own estimate of the value and go from there.
2006-09-14 10:09:07 · answer #2 · answered by regerugged 7 · 0⤊ 0⤋
when they are listed like this the banks are trying to recoup their investment . the people who were foreclosed on a lot of times did 100% financing and paid market price. therfore the bank is into it for market price and just trying to get all their money back.
2006-09-14 10:37:40 · answer #3 · answered by daniel r 4 · 0⤊ 0⤋
I have never seen them do this. Are you looking at a legit REO listing from a bank such as BofA or Wells Fargo????? (Real Estate Owned) The properties are always listed below market.
2006-09-14 09:55:38 · answer #4 · answered by Island Queen 6 · 0⤊ 1⤋
Usually they dont.
If its too high, lowball them. I know a lot of people who've gotten major reductions via bank homes, especially if they've sat there for awhile.
2006-09-14 09:50:13 · answer #5 · answered by Anonymous · 0⤊ 1⤋