Question about foreclosures and bank owned properties?i need help....

4 Replies

I have a potential deal that I may want to do, I wanted to get some insight from the members here. The property is bank owned in foreclosure and is a 4br 2ba with 1880 sq ft for $14,900. It needs about $25-30k in repairs. The comps in the area aren't good. 2 or 3 similar sized properties sold for $90,000 to $165,000 back in April, but most of the others went for around 40 and 50k(possibly because they needed rehab too) I can send over pictures and comps if anyone wants to help me analyze this deal, it would be my first? What questions should I ask the listing agent about the property? It's been on the market for a while.

It's either bank owned OR it's in foreclosure.  Which is it?  Is title in the banks's name?

@Wayne Brooks   it could have been worse. "The FSBO property is bank owned in foreclosure and listed on MLS... "


yeh, it makes a difference, is it a REO, or a short sale.

Originally posted by @Wayne Brooks:

It's either bank owned OR it's in foreclosure.  Which is it?  Is title in the banks's name?

 sorry about that, it was foreclosed and now the bank owns it.

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