When looking for a house on the net, and a house has been forclosed and is real estate or bank owned, and the foreclosure price is listed, is that the price that the house will be resold for? Even if it is a $100,000 home and the foreclosure price is like 3 grand?
2007-06-11 14:15:28 · 6 answers · asked by BigRick the Beer Drinker 6 in Business & Finance ➔ Renting & Real Estate
i think you bid and they chose the highest bidder!! there i answered you.. good luck
2007-06-11 14:29:41 · answer #1 · answered by Anonymous · 1⤊ 0⤋
yes, the foreclosure is supposed to collect on the amount owing on the home for mortgage payoff and taxes. If the bank has already taken it as a loss, the amount owing will be for taxes. That would explain the low cost.
2007-06-11 21:34:55 · answer #2 · answered by penelopejanepitstop 5 · 0⤊ 0⤋
yeah thats what it will be sold for, but might also be auctioned off. I doubt the price would be down to 3 000.
Hope i was of much help
2007-06-11 21:31:42 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Ummmmm.....NO! If you ever DO find such a deal, I'd venture that you will also locate the pot 'o' gold at the end of the local rainbow in the near future.
2007-06-11 21:25:01 · answer #4 · answered by acermill 7 · 0⤊ 1⤋
If you buy a foreclosed home for 3k, and the home is worth 100k, you would re-sell the home for the 100k.
2007-06-11 21:24:41 · answer #5 · answered by Ms.loanofficer 2 · 1⤊ 0⤋
Hey, you lied, two people answered it. Oh and yes I do believe that is the case.
2007-06-11 21:30:22 · answer #6 · answered by Pazuzu 3 · 1⤊ 0⤋