If I buy a foreclosed house & pay off the remaining balance can I sell the house at the estimated value price?

Question

I am about to purchase a fore closed home pretty soon. I want to pay off the balance on the home. Once I do this will I be able to sell it and receive the full value of the house?

Answer 1

yes you can-- but any good agent will look at the sales price on the home in the last 12 months before any offers are made. Of course you can list it for the full appraised value at any time. Only you can accept an offer or reject one. Any one who is taking a mortgage on the property may have comparable issues since you have not held it at least 12 months and it is a short sale. By that I am saying purchased for less than value. So any appraiser will have to mention it in his or her report.

Answer 2

You can try to sell it for the estimated value price. However, most people are going to purchase the home with a mortgage and their lender will require an apprasal on the home and if the house is not in aceptable living condition or does not apraise for what your selling it for the lender will not take a chace on giving them the loan. So, you should only buy the house if you have the capital to back you. There may be repairs that need to be done and you will have to clean the place out, when they get the boot, they will leave everything a mess (you'll need a dumpster and a few days just for clean-up). Most forclosed homes are not kept in good condition. If they didn't have the money to pay the mortgage they didn't have the money to keep up on the home's maintenance.

If you have the capital and the money to fix any repairs are found, it's a great idea, property almost always appreciates.

Answer 3

If you can find a buyer, why not? Consider that hause values are going down. New construction right now is suffereing which will have an effect on the entire market

Answer 4

Yes, if you can find a buyer for full price. They seem to be hiding.

Answer 5

yes

Answer 6

i believe soo.