Brenda Wooldridge, G.R.I.
RE/MAX ACR ELITE GROUP, INC.
LLoyd Nichols Right Choice Realty LLC
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The bank is looking for something close to the present market value of the property. Forget what all the outstanding debt is, since that isn't really your concern. Work with a realtor to determine through logical and proper comparative market analysis what is the present market conditions in that area, and place an offer accordingly. You can certainly make your offer lower since the bank probably doesn't want to hold on the the property forever, but if it is priced right according to the present market, they probably won't have to. Most properties sell when they are priced right for their location and condition. By all means, however, get the assistance of a realtor--as the buyer, the realtor's professional service is paid by the seller (the bank in this case). Happy house hunting!!
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