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Forums > Community > Real Estate
Subject: Bank Owned
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tracy876User is Offline

Posts:27

03/30/2008 3:10 PM Alert 

I was wondering if anyone knew something on banked owned properties.  How much they are likely to go down in price, and how do I get into a house without losing so much on my loan.  Any suggestions?

BridogUser is Offline

Posts:52


03/30/2008 7:44 PM Alert 
I have seen them stick to their listing price and I have seen them take much less.

The best thing about a foreclosure v shortsale is that you are dealing directly with the bank, the bank has an idea of price in mind, and you can get a quick answer.

Generally, many are priced already under market value, but it is always good to ask for more.

The worst they can do is say no
anewmanUser is Offline

Posts:660


03/31/2008 8:12 AM Alert 
You may also want to look into the house auctions that have been going on every month or two. Houses in Maricopa have gone for under $100K with nice ones going for $120K.
"The jouney of life is as much in oneself' as the roads one travels"


lexmarkUser is Offline

Posts:352


04/01/2008 10:34 PM Alert 
I just got done buying a short sale, it takes approximately 2 months to get a short sale. You really need to know not to get excited about the home because chances are if you bid low it will make it easy for the bank to wait forever to reply with a no. 12 homes later we finally got a house 5% below asking price and fast. If you want me to clue you in on some great tips PM me and I will let you know!
Bye Bye Maricopa!
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