Re: Foreclosures on MLS??? - Posted by Ben (FL)
Posted by Ben (FL) on March 12, 2001 at 09:01:09:
In addition to what Greg NY wrote, if you take into account the motivations of Realtors (get the highest price possible, even if it takes many months) most don’t list properties that are in the process of being foreclosed. All I have ever seen listed are propreties that the bank has taken back at auction and is trying to re-sell through a Realtor.
Basically, it’s a good bet that if a foreclosure is listed, it’s already been foreclosed, and the bank is trying to sell it.
Incidentally, the asking price the bank sets will have no basis in reality. They do not base their price on a market analysis, comparable sales, or even by studying pig entrails. They just make it up - or base it upon what they originally loaned plus all the costs they incurred foreclosing and fixing the house back up, plus some bonus money. Be sure to do your own market analysis before making an offer.