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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Purchasing an overpriced REO Posted by Ward-CA- on November 24, 2001 at 10:30 PM In Reply to: Purchasing Forclosure posted by Nikkie on November 24, 2001 at 11:40 AM : Help, I'm a first time buyer and have found a forclosed home owned by mortgage company. They have it listed for $84000. Can we get this property for less? And how would we go about it? : Help for the uneducated home buyer would be appriciated. : Nikkie ================= Nikkie, when you say that the lender has the property listed for sale then that indicates that no outsider bid on the property at the foreclosure sale. Generally that indicates their opening bid was to close to retail value. If that's the case then you'll have to convince the lender now, after the sale, that they will have to lower their price to a more realistic level if they hope to sell the property. To justify your claim you should provide them with comparable sold properties. Good Luck. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Help, I'm a first time buyer and have found a forclosed home owned by mortgage company. They have it listed for $84000. Can we get this property for less? And how would we go about it? : : Help for the uneducated home buyer would be appriciated. : : Nikkie : ================= : Nikkie, when you say that the lender has the property listed for sale then that indicates that no outsider bid on the property at the foreclosure sale. Generally that indicates their opening bid was to close to retail value. : If that's the case then you'll have to convince the lender now, after the sale, that they will have to lower their price to a more realistic level if they hope to sell the property. To justify your claim you should provide them with comparable sold properties. : : Good Luck. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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