2007-12-13 18:40:54 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The loans are usually higher. The asking price is the lowest the bank will allow.
I buy foreclosures and rent them out, making sure I am at least 80k below the market 6 months ago.
2007-12-13 20:59:22 · answer #1 · answered by Landlord 7 · 3⤊ 0⤋
The loan balances may not be the complete picture. There maybe a 2nd mortgage or HELOC, tax liens, mechanic liens etc. You should get a title report before looking to purchase any foreclosure. Also, the foreclosure could be listed with an agent so it definitely will not be at the loan balance.
2007-12-15 19:56:18 · answer #2 · answered by tianaramal 4 · 0⤊ 0⤋
No. The asking price is much closer to the fair market value of the house.
2007-12-14 02:44:50 · answer #3 · answered by acermill 7 · 0⤊ 0⤋