Bank foreclosure offers

1 Reply

Does anyone have experience with foreclosures in NE Pennsylvania? There are so many foreclosures... What is the lowest you can offer? I have a friend in arrowhead lakes that said people are low balling the banks offering 50% and they are accepting. 

@Erica Naveja Are you talking about buying properties at sheriff's sale or buying the properties from the Banks after they take title (REO properties)?

If you are talking about REO properties, they are typically listed by an agent and you can have your real estate agent write up an offer as low as you want.

As for mortgage foreclosure sheriff's sales:  They are public auctions.  The bidding starts at a nominal amount (some counties start at $1.00, others at sheriff's costs, and others at sheriff's costs and delinquent taxes).  The opening bid is generally unimportant.  The important number is what the banks and their attorneys call the UPSET PRICE.  That is how high they will bid at the sale.    This number is often less than the total debt owed to the bank.  Most attorneys will provide the upset price the day before the sale if you call them and ask for it.

hope this helps.

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