Asked by Rob, Portland, OR • Thu Sep 29, 2011
im looking at a house to buy and I spoke to neighbor and she mentioned she thought it was going into foreclosure in Oct. They are asking a $145,000 and my realtor is setting up a showing on friday for me. Well after reading more about real estate online I discovered that the property is set to be auctioned off at the courthouse next week. Well I'm new to all this so trying to get a 101 on this. Asking is $145,000 it's value is about that that I've or take what sites I view. I pulled the records and they owe about a $196,000 on the house, and it's been sitting for 6 months. I'm trying to figure out what to offer for the house, and if I can? I've read 20-30% off what's owed and 20% off the value. Can anyone help and what to expect, and what my best shot is? Does bank prefer to sell it now, and what will it cost them if it forecloses? What's realistic?
Thanks for any help
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