Asked by Labuyer, Mendocino, CA • Mon Sep 17, 2007
In this case the bank has several exactly similiar properties listed at the condo complex I am looking at . However out of these they chose to list one property at around 45% lower than the current listed prices in an forthcoming auction - kind of like testing the waters for them I guess. These condos have been repossed by the bank and refinshed to pretty good condition with new floors appliances and new cabinets.So my question is what will be the elasticity in the floor price the lender is willing to settle the condo at and if they dont get the floor price can they refuse the lowest bid price? Becuse it seems to me they would not want to sell at the entry level price (45 % lower) mentioned earlier since they do have these other listinging in the complex they would like to sell at some point int he future?I do own my home but this would be a first time auction purchase for me (Condo for Parents) Any advice greatfully accepted.
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