Posted by Jeffers CT on March 01, 2001 at 16:27:23:
…bidding at auction or submitting purchase bid to bank?
REO Foreclosure. Bidding tomorrow. Need advice. - Posted by David Rainey
Posted by David Rainey on February 28, 2001 at 15:50:03:
Found a property listed on the MLS for sale for 230,000. I have been looking at every house for sale in the neighborhood for about 6 months. Finally found this house only through a realtor because there is no sign in front of any kind. Went to the register of deeds and found that the house sold in 9/99 for 240,000. The bank that now owns it shows a sale price on the deed of 166,000. The house needs work but is in one of the most desirable areas in town. I’ve read that reo foreclosures normally sell for 10-15 percent below market. The balance remaining on the house is only 70% of the market value. I estimate the work to be done will cost $8k-$10k. Where would you start your bid for this property? Similar properties on the same street have sold for between 215-240 in the last six months.
There are no leins or back taxes due on the property and the bank has held the house for 14 months.