properties for the fair market value?
im just going to tell them i know its a bank owned and their loosing money each month, and are already loosing money. I will only buy it for atleast 10% below value.
2007-06-18 14:20:00 · 3 answers · asked by beach_babe971 2 in Business & Finance ➔ Renting & Real Estate
They are not loosing any money. This is all a write off for them.
2007-06-18 15:38:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You are entitled to bid whatever you desire on bank owned properties, just as you would on any other. However, don't expect them to accept your offer. I recently brokered a 'bank owned' property for a bank, and the asking price was $175,000. When all was said and done, the final offer was $196,000.
You seem to think that bank owned properties are always sold below market value. Where you got THAT naive idea, I shall never know.
2007-06-18 14:29:33 · answer #2 · answered by acermill 7 · 2⤊ 0⤋
in this market though, the borrow may have 'over borrowed on the property' and so now the bank may be trying to get all the money that is owed, plus interest and they may be paying the taxes too. I would go to a title company or your court house and found out the total that is really owed on a property before you give an offer. i have been to many foreclosure auctions, and have bought property owned by the bank and the banks are out to get their money!
2007-06-18 14:26:33 · answer #3 · answered by Swanky 4 · 1⤊ 0⤋