2nd mortgages
Does anyone have any advice on making an offer on property that's in forclosure with a second mortgage on it. An agent told me that the bank won't budge on the price. Is this because of the second mortgage on the property? Because looking at the pics that I have seen its not worth what they are asking for..at least I don't think so anyway. The property needs a complete overhaul inside and some work outside as well. I would think that the bank would know that. There is a home that sold right next door for $80,000 and it didn't need nowhere near as much work as this one needs. Plus the home had 1 more bedroom. I don't understand why the bank won't budge on the price,and on top of that its been for sale for the last 3 months. The agent told me that they haven't had any offers on it either. They are asking for $95,000 for this property. Comps have sold between $120k-$160k in this neighborhood. Should I move on to the next deal or make an offer?