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Updated about 11 years ago on . Most recent reply

Justin Case's profile image
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Justin Case
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  • from Seattle, Washington
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Justin Case's profile image
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Justin Case
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Justin Case
  • Real Estate Investor
  • Seattle, WA
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Buying & Selling Real Estate

Offer on Bank Owned?

Justin Case
  • Real Estate Investor
  • Seattle, WA
Posted

Just came up on a property that is bank owned and cash flows.

How much profit does a bank go for to get a property off their books?

I know what they paid for it and it is listed $50k more.

Anyone with experience offering on bank owned properties?

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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

What they "paid" (their bid price at the auction) for it is an irrelevant number, just the outstanding mortgage amount owed at the time of the auction (probably 2-3 times that amount). They're looking for something close to FMV.

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