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Margaret Chu…, Both Buyer and Seller in Sun City, CA

IS THE LIST PRICE SHOWN ON EACH HOUSE THE BANK'S ASKING PRICE? ARE LOAN REMAINING BALANCES THE ASKING PRICE?

Asked by Margaret Churder, Sun City, CA Sun Sep 14, 2008

I WOULD LIKE TO PURCHASE A BANK REO FOR LESS THAN


I WOULD LIKE TO PURCHASE A BANK REPO FOR LESS THAN $50,000 AND FIND SOME LIST PRICES AT $11,000 - $50,000. IS THAT THE PRICE TO BUY THE HOUSE FROM THE BANK? I NEED TO KNOW WHAT THE BANK IS SELLING EACH LISTING FOR. THE LIST PRICE, I ASSUME , IS THE AMOUNT OWED ON THE LOAN, OR IS IT THE BANK'S ASKING PRICE. PLEASE INFORM ME OF THE BANK'S ASKING PRICE SO I CAN HUNT IN MY AREA FOR THE ONE THAT I CAN AFFORD AND LIKE. THANK YOU.

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Kevin McLaughlin’s answer
Hi Margaret,
If you would like to be emailed all the listings under $50,000 that are in the local MLS, please let me know. We can have all the active listings sent to you so you can know how much you'll need to pay in order to purchase.

The list price is the asking price and is negotiable in most cases (within reason, of course)

Let me know if we can help you find something.

Kevin McLaughlin, Broker/Owner
Berkshire West Realty
1 vote Thank Flag Link Tue Oct 18, 2011
The asking price of a property has nothing to do with what the former owner owed, if it did, nothing would be selling. The bank hires a local appraiser to appraise the property an dthen they have their own formula for discounting that value to sell in the time frame they desire, the quicker the time frame, the more the discount. Once teh bank places a value on the property it is given to a local approved realtor to sell. that office then can begin to take offers on the property, the final sales price or what the bank will accept is granered by how much activity there is. if you have the only offer you may get it less than if there are 2, 3 or 6 offers say where people are competing and driving up the price. the old addage is the value of any property is what someone is willing to pay for it.

Some things you should know if buying bank owned properties are they are sold as is, so do your inspection prior to bidding as banks usually do not allow any contingincies. your deposit should be at least 1% of the sales price and your deposit should be a bank check, be ready to close in 30 days, dont ask the bank to fix anything or pay anything and finally you can not change anything on the banks purchase agreement. good luck Margaret
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Sep 14, 2008
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