House up for foreclosure, nice neighborhood, but why?
Hello Fellow REI Enthusiasts,
There is a townhouse complex I know of, it's one of the most desirable neighborhoods of the city, one unit is currently pending after less than 20 days on the market with the price the seller asked for...
However there another unit which is on auction.com being foreclosed in a couple of days from now, bids starting at 135K for a home valued at 238K plus...My question is why would that happen? I am thinking, why doesn't the owner put it up for sale and pay the bank and cash the remaining 100K+ before the unit is put up for foreclosure at the court house? Can anybody think of any reason this would happen? It's a good time to sell and there is no any for sale units that would make you think may be he/she couldn't sell on time....
Thank you.