Updated over 11 years ago on . Most recent reply
Offer on Bank Owned?
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
#1 Foreclosures Contributor
- Real Estate Professional
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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.