I am interesting in buy a foreclosure .Can someone tell me how to go about it. and what does it mean when it says its $31,000 a home but you know its worth way more ? How do i go about buying one ?
2007-12-16 20:39:36 · 3 answers · asked by ©hisblackpearl™ 2 in Business & Finance ➔ Renting & Real Estate
$31,000 is the amount of deficiency owed by the current owner on his mortgage. However, the property will most probably sell for considerably more than that figure. It's merely a starting point.
2007-12-16 21:18:48 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
When a house is being sold at a foreclosure and the price is listed less than the value of the house, like the one you are interested in, it means the former owner still owed $31,000 to the mortage company at the time of the foreclosure and that is the minimum that the bank is willing to accept at the foreclosure sale.
2007-12-17 04:53:09 · answer #2 · answered by Hawaii808 2 · 1⤊ 0⤋
my friend was going to buy a foreclosure but she didnt it was to hard
2007-12-17 04:42:41 · answer #3 · answered by Anonymous · 0⤊ 2⤋