Upcoming Foreclosures

Why do Bank owned properties list on the market at full market value even if they need a lot of work?

Public Comments

1. Usually they dont. If its too high, lowball them. I know a lot of people who've gotten major reductions via bank homes, especially if they've sat there for awhile.
2. I have never seen them do this. Are you looking at a legit REO listing from a bank such as BofA or Wells Fargo????? (Real Estate Owned) The properties are always listed below market.
3. Market value is a matter of opinion. What matters is what a willing buyer is willing to pay to a willing seller. If you see a property you want to buy, make up your own estimate of the value and go from there.
4. when they are listed like this the banks are trying to recoup their investment . the people who were foreclosed on a lot of times did 100% financing and paid market price. therfore the bank is into it for market price and just trying to get all their money back.
5. Because they want to get enough to pay off their mortgage, any senior liens and recoup their expenses. Unfortunately most people think you can get a deal on a foreclosure but they are few and far between in this day. Most of them have mortgages that were done at 100% LTV and they weren't in them long enough to get the payoffs below market value.