Asked by Cablekc, Santa Clara County, CA • Mon Jun 22, 2009
Owner can't afford the house anymore and the Bank takes ownership of the house and puts it up as a Bank Owned / Foreclosure house.
When a Bank-Owned/Foreclosure house goes on the market, is the price that it's set to sell at based off of how much is owed on the remaining Loan that is owed to the Bank?
Is it based off of something else?
I could totally be wrong on this....but I always thought that the Bank would set the Sale price of the Bank-Owned Foreclosure House at how much is left on the Loan so that they can simply try to get the loss off the books....in this case the Sale Price would start at $750k.
Real Estate in San Jose
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