How Do You Get This Sort Of Deal ?
I recently saw a property listed on the MLS for 140K, no-one bought it, I would have but I was already into another.
It needed some work etc. bank owned.
That same property was cancelled off the MLS, came back on at 20K and sold for 27K. Same place same condition.
How do you find deals like this and can there be some sort of insider scam in this one ? The place is worth at least 200K when repaired (20K repairs).
how does this happen are banks letting things go for so cheap ?
was the 140 pre-foreclosure and 27 after foreclosure?
both cases were forclosure, the MLS had bank owned in both cases. just find it strange....for such a hard drop.
Sounds too good to be true, but in this case it may be. Concerning "How do you find deals like this...." Contact the listing broker and get the full details. Tell him/her to contact you when something like this comes up again. Post a response if you find out a reason for the price drop.
Some banks get rid of property at just about any cost. I saw this recently -- property priced below lot value. Needed work, but it was a good deal. Sold in a couple days with 3 offers on it after the price fell to a "too low" level.
If you call the list broker, the should be willing to give you the nitty gritty of the deal or ask any one w/ mls access to see when it listed, all price changes, when it went into escrow, etc.