Dealing With Bank ORE
I ran across a piece of land at a bank that they are asking 29,900 for but the appraised value is 65,000. Could this be a mistake and what things should I be looking for in a deal such as this to flip?
Bank may want a prequal letter or proof of funds that you can close the sale. They may add that you may not assign the contract. You may have to own the property and then resell it. I am buying a condo pretty much the same. Listed at 29900 Realtor told me that they will take 28000 Should be able to fix up and sell for 55000 or 60000 if owner financed
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
Who says it is worth $65,000? Is it the bank or the local government? Make sure(by running your own comps) what the property is really worth. Also,how did you come across that property, was it at the actual bank or was it through an agent the bank was marketing the property through. Just curious.
ORE? Did you mean REO or OREO?
Its listed on the bank website and I looked it up with the land assessment data. I believe its on the banks books as OREO.