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Foreclosure in Franklin Park : Real Estate Advice

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  • Home Buying8
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Activity 1
Thu May 28, 2009
William Leigh Holt answered:
Joe: What do you care? If you are foreclosed, the bank takes the property. Whether it's $20,000 or $2,000,000, the bank will give you any proceeds over the mortgage amount. (As if there will be such an amount.)

An appraisal is admissible in court. A broker's price opinion is not but the broker is advising the bank what the current market will yield them. At the price in question, it would seem that the broker suspects that only an investor will be interested. If the bank is thinking of cost/benefit ratios, they may foreclose and then sell at auction. The auction price at that time will be EXACTLY all the place is worth.
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