It really depends on the property - it is hard to generalize as all listings are not priced the same as far as being above or below market value. You need to really look at the comparable sales in the area compared to the list price of the property you are interested in to determine a reasonable offer. Generally, most foreclosures are priced pretty competitively these days and there is a lot of competition among buyers in the sub-$500,000 range. It is common these days for foreclosure properties to have multiple offers from buyers and be bid above the list price. Hope this helps - let me know if you have any questions.
Coldwell Banker Residential Brokerage
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My suggestion is if you can not pay the whole payment, you should discuss it with an attorney. I f you do not make the payment you should take what money you have and put it aside to help with future payments if you are able to get the loan modified. Most banks become more agreeable after you are behind 2-3 months.
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Wow! I have never heard of this happening. Sounds like the mortgage company is acting irrationally. Did your loan mod have an income cap and a timeframe for adjustments by the lender? Were you dishonest about your income when applying for the mod? I would think that the lender would not have approved it in the first place if your income was too high to qualify, but for them to come back and request back payments sounds crazy! (unless you lied) This sounds to me like you need the advice of a real estate attorney. Maybe there is a clause burried in the fine print of the loan mod agreement giving them the right to do this. Yikes! I would be very interested to know how this one plays out. Sounds like you've been through the ringer. Good luck to you.... more