Foreclosure in Greenfield>Question Details

Steve, Home Buyer in Greenfield, WI

Homesales Inc. sold several houses that they foreclosed on to an investment company, the one we are

Asked by Steve, Greenfield, WI Sat Aug 23, 2008

interested in had a foreclosure deed of 325,000. Any ideas on what the investment company would have bought it for? Do you think they would lower the listing price, it is currently listed at 330,000?

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You can go down to the office that handles property deed recording and they should be able to pull the foreclosure records for you and tell you what amount it was foreclosed for.

That said, Homesales is a loss entitiy for JP Morgan-Chase and they may not be willing to alter the price. They have to try to make the money back some how.

Here's how it works - JP Morgan Chase forecloses. Say you had a $500K house with $300K owed on it.

Homesales buys it from JPC for $300K (what ever is owed on the mortgage).

Homesales tries to sell it for enough to make a profit or at least break even.

It's some very Enron-esque business, IMHO
0 votes Thank Flag Link Thu Dec 9, 2010
The house is in Ashfield, it is 3,000 sq ft, 4 bedroom, 2.5 bath.
0 votes Thank Flag Link Mon Aug 25, 2008
What kind of home is it? A home that price in Greenfield aught to be a *really* nice home. The tradtional 2 story early 1900's homes are going in the $160 range. The brand new condos on Silver Street are in the $200's and those are brand new. If you are interested in purchasing a home contact me and I'll help you out. I could find some comparables for you and see if that home is actually worth what they are asking.

It seems to me that if the investor would actually like to sell the property it would be wise to lower the price-- although I know nothing of the property to which you are talking about. There are some home that are worth that depending on the home and location.

doing a quick MLS search in that price range was mostly homes that are so brand new, they aren't built yet.

HTH
0 votes Thank Flag Link Mon Aug 25, 2008
Here you go Steve go to the on line data base to the link below and you should be able to find the answer to your question. Good Luck !!!
0 votes Thank Flag Link Sat Aug 23, 2008
You can go to the town and research the recent sale. However what may have happened here is that the property may have been sold through what they call wholesale. Depending what they purched it for ,or what the condition of the home may have been ,they may have had to rehab it. I kinow in my area homes in that price range don't sell very quick so be patient and you never know it could be yours...
0 votes Thank Flag Link Sat Aug 23, 2008
You could check the registry fo deeds in your area for exactly what they paid for it. The price on the foreclosure deed may not represent the price they paid for it. It often is a percentage of what the original mortgage was. Asking prices are just that, make an offer, it cant hurt. Good luck with your purchase Steve.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Aug 23, 2008
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