In a home foreclosure listing whats the differance in the asking price and original loan price?
Question:
Answer:
The asking price is what they want for the property. However this isn't what they will necessarily get for the property. This price can be based on current values of other properties in the area and/or what the buyer is willing to sell the house for. When you put in a bid, it doesn't have to necessarily be for the same amount. It all depends on what you are willing to pay for it. It is a difference between the whole supply and demand theory.
The original price is what they bought the property for. With the information given, it looks like they had taken out a second loan out on the property. So essentially they owe a total of $130,000.00 against the property.
Depending on which stage of foreclosure they are in, also depends on how much they are willing to sell the home for. Time is running out on this property, and if it is in foreclosure, the bank wants their money, and they are probably more willing to deal with you at a reasonable rate. Good luck!
a house worth 150k had a loan on it for 145k and the market value may be 165k and the person in charge thinks they can get more than the loan amount. or the other way
Their asking price is what they want to sell the home for now.
The original loan price is the amount of loan that homeowner took out on the home when they purchased it! It's rather self-explanatory..... am I missing your point?
More Related Questions & Answers...