Home Buying in New Britain>Question Details

Pinnacle Mou…, Home Buyer in New Britain, CT

Would a bank take 50k for a property with 150k still owed, is that possible? The property needs a good amount of work.

Asked by Pinnacle Mountain, New Britain, CT Fri Nov 4, 2011

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If the property is worth 150k in it's current condition the bank won't accept 50k - they will have their own appraisal or BPO done and will base what they will accept on the properties market value.
0 votes Thank Flag Link Fri Nov 4, 2011
I assume you're referring to a short sale? The bank will only accept an offer at "Fair Market Value". (what other similar properties have sold for in the last 6 months). Have your REALTOR do a CMA (comparative market analysis) on it to determine what a fair offer might be.

I just happened to write a blog post about why Buyers may not want to consider buying a short sale. Check it out!

Web Reference: http://sallygrenier.com/
0 votes Thank Flag Link Fri Nov 4, 2011
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