Question:
Looking at a home listed at $639,000 that is a foreclosure. The bank is into the home for $480,000. Is it ok to offer what the bank is into the home for?? The home is way overpriced for the condition it is in and the area it is in.
Answer:
YES! Definitely offer $480,000. You can also look into doing a short sale. That gives you the opportunity to make a lot of money and also to help out the homeowner that is going to go into foreclosure.
Absolutely, they just don't want to lose what they have in it. They also may take less, depending on the amount of people interested.
The seller needs the banks permission to sell at that amount. The amount would be lower after fees and commissions, so you are talking about a short sale.
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