Foreclosed Bank Owned Property Question
Here Goes:
I found a Bank Owned property in a OK neighborhood, the home has a fresh coat of paint and is in good condition from as far as I can see. Looks like the Assesed Tax Value is 57,770 and back taxes are owed in the amount of $1700.00. Looks like the home was purchased with a quick claim deed for 26,000 in 92 and somewhere along the way the home was foreclosed on and now owned by the bank.
Question #1: How musch should I offer the bank to buy the home
Question #2: Does it sound like a money making deal
Question #3: What the hell do I do next?
Seminolejay
Wow. There are FAR too many unknowns you have not provided here. A couple questions:
1. What's a quick claim deed? (I think you mean quit claim)
2. What's the approximate value of the house?
3. Does the house need repairs?
4. How will you pay for the property?
5. What will you do with the property once you acquire it?
There alot you need to find out and think about. Put some more time into it and see if the numbers make sense.
Ryan J. Schnabel
as rjs says we need details.
Research. Check records see what it was foreclosed for. How much.
Check when it was foreclosed and has it been offered for sale and by whom.
Taxes are the taxes paid at time of foreclosure. Will the bank pay the taxes at time of future sale.
Inspect the property for conformance with code and custom.
Then and then only having devised what it is you wish to do. Buy and Sell, Buy and Move in. Buy and Rent, or merely buy and burn for the insurance. Whatever.
With all this stuffed in between your ears you are ready to proceed. Call the bank, go to the Real Estate Owned Department and talk to the nice person.
Cheers Lucius