Home Buying in Nashua>Question Details

Cbf, Home Buyer in Nashua, NH

After a forclosure a home sold for $119,000 at sherif sale to mortgage holder. has not been trashed. What would be a reasonable opening bid? .

Asked by Cbf, Nashua, NH Sat Mar 2, 2013

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Scott Godzyk’s answer
What the bank buys the home back for has no reflection what the home is worth or what fair market value is. The home will be cleaned, the deed cleared and property appraised by the bank. They will then set the asking price at current market value for the area less any needed repairs. If you need assistance in buying a home I would be more than happy to help.

Scott Godzyk
The #1 Trulia Agent in NH
0 votes Thank Flag Link Mon Mar 25, 2013
Often the mortgage holder buys the property back at the amount they have loaned on it, in this case maybe it was $119,000. The house might only be worth $80,000 and the bank knows it and might sell it for 79,000. Wait to see what they list it for and offer something close to that. Find a Realtor to work with because it will be listed and you have to have a Realtor to buy it. They will guide you to the fair market value and the bank will have appraisals done to determine a fair price. If they are going to lose money, they will not want to lose any more than they have to.
0 votes Thank Flag Link Sat Mar 2, 2013
A reasonable opening bid would depend on the fair market value of the property in question.
A lot of times at foreclosure auctions the bank will take the property back for less then market value in order to minimize tax stamps, especially if no one shows up to bid.
0 votes Thank Flag Link Sat Mar 2, 2013
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