Posted by Ronald * Starr(in No CA) on August 18, 2003 at 20:13:09:
Sure, banks can take a profit on the sale of a property if they can get it. They are the owners. They can sell for whatever they want, provided that the market will pay that amount.
The typical foreclosure costs a lender something like $3K in loss. That was the figure a few years ago, anyway. Some properties are greater loss, some turn a profit. So that figure is an average.
The only think you can do is wait until HUD puts the property up for sale. In most areas of the country the asking prices on HUD houses are full market value. In some areas the houses might sell for less. As you don’t say where you are, it is hard to predict what will happen for this property.
In general, it is not wise to spend much money trying to get any one property. This is a game of numbers. You have to consider a lot o properties to find a few great deals. Desiring a particular property is not a good investment stance. I advise you to not care if you get any particular property. Only start getting excited after you own a property.
Good InvestingRon Starr**