Property Q&A in Wilmington>Question Details

Maureen Dema…, Other/Just Looking in Wilmington, MA

if this is a bank owned property at $199000. then why will the bank not accept an offer lower than $24000?

Asked by Maureen Demango, Wilmington, MA Thu Apr 16, 2009

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This question is about this property: http://www.trulia.com/property/1074502180-3602-Pouliot-Pl-Wi…

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Listed at $253,000. The one thing people need to understand about negotiating foreclosed properties is that banks don't have the "emotion" of a typical seller. You are negotiating with corporation that has many layers of corporate persons who need to agree on selling the property at a specific price and the only thing they care about is getting the highest price of which they are willing to wait to get (no pressure to sell).

Hope that helps!
Web Reference: http://WWW.TERRITORYRE.COM
0 votes Thank Flag Link Thu Apr 16, 2009
List Price: $253,000, that's the list price. It looks like they foreclosed on the property and took it back for $189,xxx in consideration. There may be additional taxes, bills, legal fees etc. involved bringing their need to sell it for no less than $240K. I don't know the current situation but it was sold as a HOP program property for people of certain financial situations. Your offer may not meet those requirements if those are still attached to the property deed.

You'll need to dig deeper, perhaps it was more then just the $$$ involved.
Web Reference: http://www.MedfordHouse.com
0 votes Thank Flag Link Thu Apr 16, 2009
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