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my two cents....SS offer of $220k was rejected. Lender went to auction @ $230K...no offers.
real estate cleans up property after i move out and lists it at $256k
wait to see what the auction starting price is. if it's competitive to stimulate bidding and you like it, go and bid. if it goes to high, then stop. otherwise you might find it listed right back at the current amount.
We low balled on a home in Baltimore back in 2009. Asking 137 offered 87. It went up for auction and didn't sell due to a clerical error IIRC and the bank took our offer as is.
My point is that if you know it's going to auction, I'd make a low formal offer and see how the auction works out. If it sells you're not out anything and if it doesn't they may accept yours just to get rid of it.
There is this home I was looking at....short sale. Bank foreclosed on it after no short sale...uh...sales. Home went to auction...bank bought it back? Now the house is sitting as bank owned with the previous owner still living in it.
There is this home I was looking at....short sale. Bank foreclosed on it after no short sale...uh...sales. Home went to auction...bank bought it back? Now the house is sitting as bank owned with the previous owner still living in it.
when will this be put on the market?
Honestly I don't know if anyone can tell you that with any degree of certainty.
The folks who are saying the house will remain on the market obviously haven't been watching what's happening in my area.
I've had my eye on a house that went back to the bank 2.5 years ago, and it still hasn't been listed.
JMHO, but I think far too many banks would be insolvent if they actually recognized and wrote down all the bad debts on their balance sheets.
Honestly I don't know if anyone can tell you that with any degree of certainty.
The folks who are saying the house will remain on the market obviously haven't been watching what's happening in my area.
I've had my eye on a house that went back to the bank 2.5 years ago, and it still hasn't been listed.
JMHO, but I think far too many banks would be insolvent if they actually recognized and wrote down all the bad debts on their balance sheets.
That is an excellent point. Banks do not want to be in the home ownership business. The note they hold is actually higher than the house is now worth. If you added up all the shortfalls these banks are holding it would be tremendously scary for the banks. I think this is one of the reasons the homes are trickling out into the sales market.
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