1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Real estate question

Discussion in 'Questions and Answers' started by Fishweiser, Jun 5, 2013.

  1. Fishweiser

    Fishweiser New Member

    864
    347
    0
    Apr 24, 2009
    This is a house I lived in as a kid, and I noticed its on sale.


    http://www.zillow.com/homedetails/501-Knollwood-Dr-Mauldin-SC-29662/11077901_zpid/

    Im not to up on the ins and outs of property sales, but if you notice, it says foreclosed to lender at $75,000. Im thinking to myself "...hmm, ....I could get a good deal if I can make an offer of like 80k to the lender they may take it and avoid anymore hassle with it. "...I figured that was a long shot really. I know people make alot of money on foreclosed homes, so maybe Im on to something

    I talked a little with a Realtor and he sort of acted like that figure of 75K was not accurate being from Zillow, and based on the figures from the years before, theres alot more to it than that. he also mentioned that it currently is in a "bid submission market" for the next 4-5 days and he said that its only open to banks and various other type buyers that didnt sound like Id qualify to be. Now I dont know if what he says is completely true or not because Im sure he stands to make a profit here.

    The other thing Ive been hearing, is that for fore closed homes, you will basically need to pay cash...especially if you are already have a mortgage, which I do.

    I currently owe 100k on my current home, and my homes value has dropped to where its worth is maybe 105k. I figured I would be great to get that house for 80k, get the cheaper mortgage each month, have a house 800sq ft bigger, in a nicer neighborhood, and have a homes value thats 60 or 70k more than my current one.

    What are the facts here? Where do my dreams butt heads with reality and why?
     
  2. Paul 13

    Paul 13 Chaotic Neutral & Unstable Genius Staff Member

    85,620
    51,681
    113
    Dec 3, 2007
    this might help you:

    http://www.realestateabc.com/homeguide/reo.htm

     
    Fishweiser likes this.

Share This Page