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Homes will sell for a market price in just about all circumstances... the market determines price. Not mortgages or seller's needing to walk away with X amount of dollars. Homes sell in relation to their competition in the market. Sure you can get a good deal but be aware that a good deal is going to be seen by others so if you believe you are getting a good deal you need to move forward at full speed.
Talk to a buyer's agent who can help you navigate the market. Best of luck to you.
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
STOP worrying about what was in the past and instead only look at what price would be considered a good deal to you.
I have a listing in McKinney short sale $35,000 below tax value on 2.65 acres McKinney ISD
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
When the property is an REO there is no amount owed? The previous liens have been wiped out.
All prices are flexible in my experience. We work both the buyer and seller side of REOs, so if I can assist you please let me know.
It sounds to me like you are looking at some kind of foreclosure report and those may not be worth the money as many show you notices of default, not actual REOs. Many of those will never go to foreclosure.
I guess it also depends on what you think is a good deal. The best deals are on the ones that are ugly and need work. So you want to pick the ones with appliances missing, yards overgrown, carpet messed up, etc. Those will have the biggest discounts. The ones that are pristine and ready to go and ones everyone would like, will sell closer to retail value in most cases.
Remember that on a national average, home values are going down this year about 11%. If someone owes more than the value but you really want the house and don't care about the value, then ask the owner if their loan is assumable. You may be able to pay him/her a small fee to walk away from the house and you take over the payments. This is done in a title office with permission from the lender.
If you do care about the value, go to the courthouse for that county and check out the properties going into auction. You can find properties at 30 cents on the dollar.
Another option is to ask the homeowners how much they want for the house. Distribute a flyer in the neighborhood, "What will it take you to move?" If you get a call and the person is upside down ask him/her if the bank is willing to take a lesser amount and have the seller hold a second mortgage promissary note for the difference. There is no lien on the house. This allows the seller to walk away from a potential default and pay the difference of the shortgage.
Most people won't do the above, they just walk away.
Check out the site: netronline.com for tax assessment values and appraised values based by county. In most cases, you just need the address of the property.
The first thing you should keep in mind that the asking price is negotiable. There are several factors to take into consideration when looking at REO properties. I have extensive experience in dealing with these types of properties. If you would like a list of properties and to discuss tactics I am happy to share my knowledge. Please contact me and I will help.