 |
Buying Foreclosed House |
| |
 |
We are interested in a bank-owned foreclosure that is still with a realty company. We've been able to see the inside and think it would suit us well. However, there are a couple of questions that I wonder about. 1) This is the 2nd time the house has been foreclosed upon (house originally listed for $230,000 but was bought 8 years earlier for $105,000.) Should this send up red flags or not? (We've talked to neighbors and realtors who seem to think it's just been unusually unlucky and of course we want it to undergo a thorough home inspection before buying .) 2) If less than $105,000 is owed to the bank but the realty co. is still asking $214,000- How do we know what to offer? Any advice would be greatly appreciated. Thanks. |
| |
| |
 |
With your first question -- foreclosure comes as a result of problems with the owners, not with the house. Unless you're superstitious, there's no reason to worry about that.
AS for what to offer -- the best way to judge market value is to find out what similar nearby property has been selling for lately. You can investigate that on several web sites -- start with zillow.com and look for other sites as well. YOu may want to hire a real estate broker to guide you through what may be a long and complicated process. |
| |
|
Edith
Originally published on September 13, 2008 |
| |
| |
|
Back to Summary
|
< Previous | Next > |
| |
|
|
