Home Buying in Avon Lake>Question Details

Brian, Home Buyer in Avon Lake, OH

If the bank bought a foreclosed home back for $168,000 would they sell for around the same or ever less?

Asked by Brian, Avon Lake, OH Thu Jul 17, 2008

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The short answer is YES!! They may sell for less. The key determinant in the bank's willingness to negotiate is the appraised value that the bank has on this property. Market conditions, length of time on the market and carrying costs enter into the equation.
Price is a very big part of an offer--BUT--IT IS NOT THE ONLY PART!!!!
How your offer is structured & presented to the Sellers is also a factor in their decision.
If I can be of any assistance to you, please give me a call, e-mail me at jwirsing@kw.com or through my website http://www.CallRealtorJohn.com
0 votes Thank Flag Link Fri Jul 18, 2008
It's not uncommon. It all depends on the bank. Some banks drag their feet, some are eager to get it off their books. It all depends on what they were owed on it. If they bought it back for $168,000 because of appraised value but were only out $125,000 most likely they would sell it for cheaper than that $168,000. In Ohio, if a house goes to the Sherriff's sale it will be sold for no less than two-thirds of its value, not what was owed on it.
0 votes Thank Flag Link Thu Jul 17, 2008
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