2007-06-13 21:17:22 · 5 answers · asked by Dollars and Sense 2 in Business & Finance ➔ Renting & Real Estate
No, that's just the balance of the loan. When a bank forecloses they do have a ficudiary duty to minimize the losses suffered by the mortgagee. By making this information available they have proof that they made a good faith effort to minimize losses. If no bids are received at or above the outstanding balance, they have a rebuttal if they are sued by the mortgagee for dumping the property.
Foreclosures generally sell for market value. Some are cheaper than similar properties due to deferred maintenance or deliberate damage done by the former owner in retaliation for the foreclosure but foreclosures are generally no better deal than any other house for sale in the area. And if the repairs needed are extensive they can be a terrible deal.
2007-06-13 23:35:36 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Not at all. I recently worked with a client on a foreclosure on which $168K was the outstanding balance. The lender listed it with our firm for $174,900, and the final sale price was $196K and change. Lenders sell for the highest possible price when they foreclose.
2007-06-14 06:20:29 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
This doesn't include other costs such as attorneys fees, tranfers fees, etc. The property may end up selling for higher or lower than the loan balance
2007-06-14 13:56:56 · answer #3 · answered by sflrealtor 2 · 0⤊ 0⤋
No. Even people who owe very little on the home can find themselves in foreclosure if they can't make the payment. What the home is worth to you is the selling price. Good luck.
Richard Johnston, RE/MAX
2007-06-14 05:23:08 · answer #4 · answered by ? 3 · 1⤊ 0⤋
i think thats how much money they owe
2007-06-14 04:40:00 · answer #5 · answered by sdasd s 1 · 0⤊ 1⤋