If a home says its forclosed and the list price is like 50,000 is that what you would pay to buy the house?

Asked by Cora, Colorado Springs, CO Fri Apr 10, 2009

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This question is about this property: http://www.trulia.com/foreclosure/2003680697--E-Jefferson-St…

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Dana Schuster, Agent, Slidell, LA
Fri Apr 10, 2009
this is not an actual listing,it is a Realty Trac posting of a notice of foreclosure.When foreclosure is complete the house will be listed at market value which will be determined at that time.
0 votes
Eddie Hurt, Agent, Colorado Springs, CO
Fri Apr 10, 2009
Really good question and with the limited info you gave let me answer it as best as I can. Depending on where you found the foreclodure listed will help determine if the list price is accurate.
1. For instance, several foreclosed properties in the Colorado Springs area show they are listed for $1, but the reality is these properties are now going to auction and the bank that owns does have a price in mind as to what the minimum bid is they will accept. You can find the minimum bid price on the auctioneer's website.
2. Also, no matter where you find the listing it may or may not be worth what they are asking. I would venture that about 20% of foreclosed properties are actually over-priced. To make sure you are getting market value or better, you need a professional to help you determine the current market value.
3. With foreclosures, banks GENERALLY will accept less than market value. Again, it is another reason to have a real estate professional to help you, so they can help the bank realize what the true market value is of the home.

If you are looking to get a screaming deal and time is not a concern, look for a short sale...that's where the best deals are.
Web Reference:  http://www.EddieHurt.com
0 votes
Alan Strange, Agent, Westminster, CO
Fri Apr 10, 2009
That could be best described as the 'asking price'. There are many factors which will apply to the final price a bank is willing to accept. A few are 1) the amount that is owed 2) time on market 3) level of activity on the property and 4) condition of the property. Check with a trusted broker in the area and see what the most likely price they will accept would be. Good luck.

Alan Strange
0 votes
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