Forclosures
Auctions
2006-09-17 16:45:27 · 4 answers · asked by Profound 1 in Business & Finance ➔ Renting & Real Estate
Apart from being a second hand. The previous owner might have paid more than half of the original price on the contract. Or its probably the condition of the items under auction (ie. year constructed, or model if a car.). The older the properties are, the lower the prices becomes.
2006-09-17 16:50:20 · answer #1 · answered by Sam X9 5 · 0⤊ 0⤋
They are sold to the highest bidder and most of the time the highest bid is very low. That isn't happening as often in home foreclosures anymore, often the bank is buying it back and putting it back up on the market themselves to reduce there loses.
2006-09-17 16:57:09 · answer #2 · answered by big10inmidd 2 · 0⤊ 0⤋
Foreclosures and repos are normally, as a rule, sold for the remainder owed on the original loan for the merchandise. Therefore if I borrowed 100,000 for a house and paid off 50,000 that would leave 50,000 owed on it.
2006-09-17 16:56:18 · answer #3 · answered by cajunfuji 2 · 0⤊ 0⤋
You are just paying off the remaining on the mortage, and the people do not get anything unless it gets sold for over the debt price.
2006-09-17 16:55:33 · answer #4 · answered by kimieyjean 3 · 0⤊ 0⤋