Ignore the price. I offered 122,500 on a house foreclosed on for 164000. It was accepted, however, due to inspection- I backed out of the deal. It is a long process when dealing with a bank. I have also seen home go for higher than the listed price. If you have the patience and can do a little leg work, you can obtain great offers from the banks in which the property is owned. The house I offered on I stated if I purchased I would finance through them(more money for them in long run) and they offered incentives like 3% finacing and less than 3 grand in closing.
Fannie Mae is currently offering 2 year warranties for homes closed before the end of year.
GMAC 3% financing
Amsouth 395 loan ap etc etc
good luck

Hi Buddy, If you found the price on Trulia, that is the price the home is listed for by the bank. Bank's list their foreclosed homes with Realtors who place the foreclosed home listing information on real estate websites, such as Trulia. I am a CDPE, Certified Distressed Property Expert, which means that I have taken classes to specialize in Short Sales and Foreclosures. If I can assist you in any way with the purchase of this home or any foreclosure or Short Sale in Beaufort, please do not hesitate to give me a call.

Chris Skrip, Broker-in-Charge and Owner
RE/MAX Sea Island Realty
1111 Bay Street
Beaufort SC 29902
Phone # 843-252-4218

Hello Buddy! If this property is a bank foreclosure, the listing price is the amount the bank will take for the property, sometimes even less. Just remember that the foreclosure process can take a very long time. When you put an offer in on the property, it could take anywhere from 3 to 9 months (or even more) for you to even know if your offer has been excepted by the bank. If you are not in a hurry for a place to live, it could be a great buy, but if you are in a hurry, go with a property that is not a "short sale" or "foreclosure". It can be a very frustrating process. Remember, your local Realtor can help you through all these processes, and be assured that they know all the ins and outs.

Buddy,

Forget about what is owed on the property....this number is the actual price the bank is asking for the property. It is generally based on a recent appraisal and a reflection of the current local real estate market.

Contact any local real estate professional for additional information.

Good luck

Hi Buddy, When a home is listed as bank owned it is just that. The bank or a financial institution is the actual owner of the property. They received the property usually due to the borrower being in default on the loan. The borrower may have done a deed in lieu or it went through forclosure. The listing price of $100,000 is what the bank is asking for the property. Just like in any other purchase of property, you may submit an offer lower than the listing price and see if they will accept it or not. But remember whatever you decide to do it is always best to work with a professional Realtor that is familar with your area. Hope this helps and good luck....Regards Hal

$100,000 is probably the asking price. If it is bank owned, it either went through foreclosure or was deeded back to the bank (referred to as deed in lieu) by the owner who couldn't pay for it. There is nothing owed on it now. You can make an offer on the home just like you would with any other seller. Who you contact about the home depends on how the property is offered for sale. Some lenders list their properties on their web sites. Others list their properties with real estate brokers. If you have found property on a web site there may be contact information there. You could try sending them an email message requesting a showing.