Real estate, does banks sell the reo property for what was owed on it or what its worth after appraisel?
July 30, 2010 by gtsay
Filed under Foreclosure Properties
Question by Aintitthetruth: Real estate, does banks sell the reo property for what was owed on it or what its worth after appraisel?
i dont understand why I see houses that are worth 100 000 or so selling for 10 000 or less. It makes no sense.
Best answer:
Answer by Smickles
Neither…. just as much as they can get.
Give your answer to this question below!
You are correct. They like to start the asking price somewhat near the amount that was owed on the loan. Then they drop the price from there.
But many of the ads are misleading. YOu can not actually buy that house for $10,000. And it looks nothing like the photo.
But some are selling cheap so you have to check them all out. Right now the banks are trying to end up with 50% of the original loan amount..