The foreclosure is being listed for 155,000. The tax appraised value of the house is 167,000. The property is in a very good part of town. How much should I offer? Is there anywhere where I can find out how much the bank is into the house for?
2007-07-17 04:45:05 · 6 answers · asked by Mr. F 2 in Business & Finance ➔ Renting & Real Estate
In my experience, the bank always has a set opening bid. After that, it's up to you to decide how much you can afford and how much you want the house.
2007-07-17 04:53:10 · answer #1 · answered by Secret 2 · 0⤊ 0⤋
When your making an offer, consider the condition of the house and location. Find out what homes are selling for in the neighborhood or have sold for. Chances are this foreclosure is priced well below them anyway. How to find out about how much the bank is in for is to go to www.masslandrecords.com or just Go to your local Registry of deeds. This is all public record. Just look up the property address. This will tell you what the bank loaned out. Not how much is currently owed, but if it was bought in the last year or two, and the deeds will have that too, just read the mortgage. chances are the price owed the bank is about $2000 to $3000 less than the financed amount. Good Luck. You might want to consider contacting a Realtor in your area to help you. They can help you find homes in the area, and what they sold for and can help you make an offer. I am a Realtor here in Spencer Ma. I service the Brookfields thru Worcester. Keep in mind the agent who has this house listed, If it is listed and not a bank sale but the house has actually been taken over by the bank He/she represents the seller, not you.
Usually the seller pays the Realtor, so it might not cost you anything. and could save you some headache during your purchase. AngelaA@remax.net
2007-07-17 12:03:28 · answer #2 · answered by aalmen1 1 · 1⤊ 0⤋
The house will be sold to the highest bid acceptable to the bank, regardless of how much is owed on the mortgage. Bear in mind that lenders spend thousands of dollars in legal fees and other associated costs to process and foreclose a property. They are generally not willing to accept an offer for only what the previous owner owed on the property.
You are advised to make a bid for the property which you think will gain you an accepted offer.
2007-07-17 12:29:18 · answer #3 · answered by acermill 7 · 1⤊ 0⤋
You should find out how much homes like this and in this condition and in this specific area sell for. Adjust for the differences between this house and the others that sold. That will tell you the market value.
The bank did this for their own private use, a Realtor can do this for you.
2007-07-17 11:50:18 · answer #4 · answered by glenn 7 · 0⤊ 0⤋
when you are talking this kind of money you need to seek some professional advise. i would contact the lending company i would use if the deal went through and see what price they would come up with. remember they are not going to loan you more money than what the house is really worth. you can always low ball their figure when you start dealing with the property owners.
2007-07-17 11:53:07 · answer #5 · answered by mister ed 7 · 0⤊ 0⤋
talk to a realtor.
2007-07-17 11:47:27 · answer #6 · answered by G-gnomegrl 3 · 0⤊ 0⤋