Most buyers think that bank foreclosures are all priced below market value…think again….and don’t bother to check the records for how much was owed on the mortgage…that does not matter either.
A house with a current market value at $300,000 will be re-possessed by the bank if the owner is not paying…. they could owe $345,000 on it or a mere $5,000 it does not matter. No pay; no stay.
Consumers think that the bank will only want to cover the debt owed so the less that is owed the smaller the new asking price…not so either. The bank with get a couple of appraisals and market the property accordingly; they are in the business to make money so will try to get as much as they can.
“Bank Foreclosed” is a hot button for too many buyers. Evaluate carefully…this bank deal may not be as sweet as you think.
For an expert opinion of value and a straight answer, call me.
Eve
