Property Q&A in North Wales>Question Details

Vkm, Other/Just Looking in North Wales, PA

Buying foreclosed property in North wales, PA

Asked by Vkm, North Wales, PA Tue Apr 7, 2009

I am interested in a foreclosed property which is Goodwin Lane, North wales. In trulia its price is $471,932, which will be auctioned in seriff sale. So in auction what are the chances of getting this property 20%-30% lower than this price. Also all cost mentioned on seriff sale web that the minimum price or could You get property lower than that.

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As with all auctions, there is a reserve that is established by the bank. If the reserve is not met, the bank will purchase the property at auction and offer it on the market through normal channels, i.e. Realtors. Typically, if the only lien is a primary mortgage, there is more flexibility on price than in a situation where there are multiple liens on the property. Good Hunting!
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