If someone buys a foreclosed house for $8000, can they sell it for a hugh profit,between $50,000 and $100,000?

Answer 1

Question if the home is really, really worth that much money why would someone allow it to go to foreclosure at 8K? With that much equity someone would have refied for them.

Answer 2

It's possible. It depends on the MARKET VALUE and that can be calculated by a REALTOR or an appraiser for you. The REALTORS will probably do it for free. The appraiser will have a fee in north Texas about $350.ish the other way you can figure it out for yourself? Drive the neighborhood and pull any flyers you find in those boxes by the for sales signs. The amounts will vary but, they should give you an idea of the asking prices! Unless it's a short sale neighborhood (8000.) says it may be you could do some educated guessing with the flyers but, why not call the realtor anyway?

Answer 3

If I can give an opinion from the lending side of things....

You can sell a house for whatever someone is willing to pay for it, regardless of the "market value" or "appraised value". The problem you run into is that banks are only willing to lend so much on a house, and that number is based on the "fair market value" which is based on what COMPARABLE homes in the area are selling for. If you get someone that is paying CASH for the house, and is willing to pay that price, then sure you could sell it for that much. Even if you want to sell it for more than it appraised for, and the buyer is getting financing, they can pay CASH for the difference between what the lender is willing to lend, and the actual purchase price.

But this is a buyers market, and you'd have to find someone REALLY stupid to buy something for more than what it is worth. They are out there though (unfortunately).

Sounds to me like you've been watching too many infomercials though.

Answer 4

Sure can. If it is worth that much more than what was paid for it the owner would have most likely sold it before the foreclosure. Also if it did make it to a foreclosure most likely it would sell for higher than 8k. If you can actually pull this off good luck. I hope you can.

Answer 5

They can but it is very rare. In my experience I have found that people buy foreclosed houses and tend to pay the same as houses that are not foreclosed.

Answer 6

You can sell a home for whatever price you want-regardless of what you paid for it. But, unless you plan on dropping some cash to bring the value up to $50-$100K, you will not get what you want from it. If you paid $8K for the house, it will need lotsa $$$ to bring it up to par...

Answer 7

Certainly they can. However, such situations are as rare as feathers on a pig.

Answer 8

Is is VERY UNLIKELY that this will happen.

You will have better odds at Las Vegas.

Answer 9

providing that is what it has been appraised for, yes u can

Answer 10

Sure they can if it's worth that much.