Foreclosure Investing - Starting bids.?
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there is such a large amount of foreclosures in my part of the world you can get some decent deals on homes. most of the time i start at 500 if i am the only one there i have gotten 2 homes at 5k each the borrower owed less than 30 on each. whoever holds the note on the property will try ti get there money back. most banks dont want the property and dont want to hassel of trying to sell on the open market. so they will take less than owed. It is possible to get houses at 50% of the money owed or less it all depends on what position the lender is in and if they are willing to wait to get paid. Of course they would like to get the full amount owed but in reality they are now starting to make deals. you can contact them directly if you can find the properties and who the lender is. you can call the agent to find out if they are willing to take a lower amount.
dont let anyone tell you it starts at the amount owed not the case i go to auctions all the time they ask for starting bids and they go up from there. now most lenders have someone there bidding for them (I know it doesnt seem fair considering they can force bidding higher but they do need a chance to recover thier loss. the longer this insane foreclosures keep going better deals come lenders are in bad shape and those in trouble will deal.
its what ever the holder of the note decides, they usually take in consideration the amount owed and also how much the surrounding area is selling for.
It is always...100% of the time what is owed. The dope that answered above has no idea what he is talking about. The lender can't settle for less at the time of Sherrif's sale... My company owns 12, 550 mortgages.
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