Carmen. If the appraisal was 368K 2 years ago and now the house is worth araound 160K, the property has no equity! 160K may even be too high or else there would have been a buyer before foreclosure.
Values have come down dramatically since 2006. Your uncle's property is what is called upside down in value. Such a property could only be sold in a short sale. May be there are exceptions I haven't heard of but from what I know the sale has to be an armslength transaction meaning nobody in the family including the borrower's bloodline can purchase it.... more
If you are thinking of fixing and reselling then the answer is simply economics with your profit margin guiding you as well as your best projection of the immediate future market.
The bank has in all likelihood gotten an estimate in some form of the market price of the house. If that was an accurate one is anyone's guess. It's possible that the bank is just wanting the place off the books and will take any reasonable offer. You really need to get an agent to give you their best guess at the value based on as many comparable SOLD homes in Waynesboro that have changed hands in the last six months or so. There are a lot of other factors that will come into play. I would be happy to help in anyway I can.
It's possible that the bank is just wanting the place off the books and will take any reasonable offer.... more