Home Buying in Marathon>Question Details

Tmolik, Home Buyer in Marathon, FL

did you get my quesiton

Asked by Tmolik, Marathon, FL Thu Feb 11, 2010

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There is no guideline on what to offer percentage wise on a foreclosed home. Obviously, a cash deal will receive better consideration from the bank or asset manager if there is a similar offer from a buyer requiring financing. My recent experiences with offers on foreclosed properties are all different. A couple of weeks ago a buyer I was working with made a full price offer, all cash on a bank owned property but since there were multiple offers all buyers were asked to make their "best offer" and the property ended up selling over the listed price. Finding a Realtor who will check the MLS every day for you keeping in mind your requirements is the only way to go. I will be more than happy to assist you if you would like to contact me.
0 votes Thank Flag Link Fri Jun 1, 2012
It doesn't matter what the balance of the mortgage is, the asset manager for a lender/investor will sell a property for something less than current market value. You normally cannot assume an existing mortgage.

Find a local realtor to help you find a "steal". If you don't mind waiting several months, you can try short sales. Alternatively bank owned go within a few days so you'll need an active realtor to get you out to see the property the same day it is listed and then make your offer.

Good luck!
0 votes Thank Flag Link Fri Feb 12, 2010
I looked up your other questions through your profile and answered it there! Have a nice day!
Web Reference: http://www.soreal.com
0 votes Thank Flag Link Thu Feb 11, 2010
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