Home Buying in 61073>Question Details

Joe, Home Buyer in 61073

What to do?

Asked by Joe, 61073 Tue Jan 6, 2009

Home empty with no bid at this time. pre-forecloser price $156,000.00 Loan balance near $148 ,750.00 Would one be better to bid over loan balance.[ $151,000.00 ] or wait until foreclosure?

Help the community by answering this question:


Joe it all depends how bad you want the house. If you want the home make that bid, if it goes to foreclosure it could get snapped up by someone else at auction or the bank can buy it back, it will then take quite a while for it to run through the system, it will be assigned to an asset manager who will assign it to a local broker, it will be cleaned, appraised then placed on the market. So if it sis important to close quickly act now, if not and it is worth a risk losing it to save some money then wait. Good luck with yoru search.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Jan 6, 2009
Regardless of all the Prices you mentioned, focus on the Fair Market Value of the Home in todays Market. Make your offer 10-12% less than the Fair Market Value. If you send me the Address I'll help you with setting your Offer.

William Squires
Coldwell Banker Primus
0 votes Thank Flag Link Tue Jan 6, 2009

The answer to this depends on your level of motivation. By waiting it out there are two possible sinerios, one that will possibly provide you with the opportunity to purchase the home at a slightly lower price. The other is that by waiting you could end up losing this opportunity to another party(s).

It comes down to how much you want this home......
0 votes Thank Flag Link Tue Jan 6, 2009
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