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I've been looking at homes on this site in various areas in florida. The site is listed as REO which I get is bank owned.
But I don't quite understand it listing "TRANSER VALUE $ . It explains with a little "bubble blurb" that's the price the bank got it for. But when do you know what the site is actually going to be posted for? The one site I'm interested in states $30,100 transfer value. Then estimated if $64K and assessed is $34K.
There are also sites on here that list "ASSESSED VALUE $- is that close to ones that list "ASKING PRICE" ?
What is the opinion/suggestions out there on this site? How to proceed? What to do/contact?
Any forum I should be going to, to learn about buying a foreclosure site in florida?
I love getting answers from this site- honest opinions & good info! thank you
I wasn't going to register on the site just to see the pricing, but if it said that the "Transfer Value" is the price the bank got it for, that indicates the amount which had remained on the mortgage which was foreclosed upon. I wouldn't assume that the number given is correct.
As for the "Assessed Value", that has nothing to do with the asking price. Assessed Value is the value placed upon the property for tax assessment purposes. Again, I wouldn't assume that the number given is correct--you should always independently verify--but assessed value may have little relation to actual value. Simply put, never rely on the assessed value to try to determine what the property is worth.
I would caution that bank-owned properties often need significant repairs. When owners know they are going to lose their house through foreclosure, they usually don't take very good care of the house, and sometimes they will even do significant damage on purpose. Buying an REO property is definitely "Buyer Beware".
thank you jack! I'm leery of the foreclosures- too good to be true mentality. I have seen some of the pics and I can't believe the damage on these homes! Others don't seem to look too bad, but again that's from the outside only. My H thinks its worth looking into, but I'm wondering if we just keep looking at the R/E sites like stately and realtor . I do remain in contact with a realtor we met in venice, she sends mls# from northport up to Nokomis. I've been also looking at punta gorda area. any suggestions are always welcome. We're about a year out from snowbirding there. H doesn't want the condo route.
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