50 & 75 cents on the dollar maybe at the court auction based on the original mortgage amount but not current market value. When you put it into the perspective of the mortgage amount the bank is foreclosing on it's a great deal but extremely rare once a bank owned property is actually put on the market/MLS. 15% under asking doesn't happen very often currently either.
Gated and Gulf access combined will come with a price tag but either or is definitely attainable under 400k.... more
There is no standard percentage for earnest money in Florida. A lot of it has to deal with the price of the property and the owner of the peoperty as to what you give for earnest money. I have been dealing with a lot of bank owned properties and then like to see 2-3% of the purchase price as earnest money so they know you are serious about the home. There are a lot of cash buyers so you can over come that by putting down a bigger earnest money check to show your genuine interest in the property, because most sellers will go with a cah offer before a standard offer with financing involved. If I can help you identify a home I can give you some suggestions on earnest money to put down on a particular home.
In Texas the county appraiser will appraise the property and the value is figured by dividing the appraised price by 100 and then multiplying that amount by the value approved by the county commissioners cout for that area.... more