Bank Sale Price?
If a property has a $80,000 mortgage on it, how can the bank offer to sell it for $8000? FMV is between $62K and $70K
If a property has a $80,000 mortgage on it, how can the bank offer to sell it for $8000? FMV is between $62K and $70K
Doesn't matter what they are asking....or how much was owed..... the market will determine the sale price.
If I'm understanding your question, you are wondering why the bank can sell the property for much less than market value. I can't see the above situation happening, but if they are the first mortgage holder and they foreclosed on the property they now own the house. They can sell for whatever they want to at this point. Obviously they would want to be getting as much money as possible for it. Hope that answers your question.
Ryan J. Schnabel
A question is how long has the bank owned the house? Are there any major structural issues? For a bank to offer a house for $0.10 on the dollar owed something major must be wrong. The best I have ever been able to do is fifty cents on the dollar.