Home Buying in Ada>Question Details

gustba, Home Owner in Caledonia, MI

I am looking at a foreclosure property that is owned by large US bank. On Trulia, it says it was sold in November, 2009 for $XXX,XXX, $30,000 less

Asked by gustba, Caledonia, MI Sat May 22, 2010

than the realtor/bank has it listed for today. The listing price was $45,000 more in April, but decreased $15,000 this month. Why would the price be higher now than the listed SOLD price in November 2009? And if it is a foreclosure, what does that mean that it was sold in November? Is this the minimum price the bank will take?

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Help the community by answering this question:


You may want to ask your question again and attach a link or give an address so that the question can be answered accordingly. As far as what the bank will accept--it depends--you need to review recently sold similar properties in the immediate and then make a determination as to a fair offer--keep in mind if the property is priced on target for today's market or slightly below, multiple offers may occur.
0 votes Thank Flag Link Sat May 22, 2010
Hello, would you please post the trulia link here? or let us know the property information to help you?
0 votes Thank Flag Link Sat May 22, 2010
Without seeing it i can not be postive , but most likely it is what the bank paid at foreclosure auction to purchase the property back. The price could be anywhere from what that former owner owed to 80% of the balance depending on state law. Once they take the property back, they then place it back on the market at or below market price which is usually lower than what the former person owed. What the person owed or what they bought it back at, has no affect on what they will take now.

You need to have your agent or you yourself assess what that house is worth in todays market and base your offer on that. dont base it on what they owed or what the bank is asking, you dont know if the asking price is at mkt value, below or much above market value. good luck with your offer.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat May 22, 2010
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