Real Estate question?
Long story short, we sold this house in 98 to move to another house. This other house we had to sell also, so the one we sold in 98 was for rent. We rented it. The house is in foreclosure the mortgage is 496k. Comps sell for 275k now. Since it is a foreclosure can i get it for like 225k. The house is in miami.
Update:WELL COMPS THAT ARE NOT IN FORECLOSURE AND ABANDONED!
More Questions From This User See All
Answers & Comments
Verified answer
The answer to your question is immediately start a short sale. You will need the services of a real estate agent to accomplish this.
Make sure you get one with lots of experience at completing the short sale packets required of all banks/lenders. In this type transaction a knowledgeable real estate agent is invaluable, so make sure you select one that is an expert in short sales.
Banks and lenders are anxious to get rid of bank owned properties and if they can get rid of them before they become bank owned they are better off, so they are dealing and negotiating with potential buyers.
The short sale procedure might take a while, but in most instances is worth it because the bank get rid of an unwanted property and you the buyer get a bargain property.
I hope this has been of some use to you, good luck.
"FIGHT ON"
It can't hurt to try, but it sounds like you don't have much chance of getting it for 225. Ask the bank, the worse they could say is no. There is no law that says you can't make a ridiculously low offer, regardless of the market conditions.
Hi
It better to take help of Real Estate Consultant, if you need any house & Shops or office spaces. Because they will provide you best what you want & they will never charge directly to you for the property.
http://bestnest.in/
You would need to do a short sale with the current owner. If the bank will except your offer of current value you may pull it off.
No, but you can get it for 275k