gregorygarver.com

[jran8080]

I have been reading on the internet and Yahoo!Answers all that I can find on foreclosed houses, but I still need a little bit of help. I currently own a house in northern Ohio, and I am trying to find a foreclosed house in Central Florida. I live with my friend in Central Florida, and I am trying to sell my house in northern Ohio.A realtor helped me find a couple foreclosed houses and I like this one house that she told me is owned by the bank. I am currently trying to understand the pricing on the house. The house is currently listed on the MLS at $176,000 and is a 3/2 at 1072sqft. I looked on Orange County property data site that the place sold in 7/30/02 for $80,400 and then $154,000 on 12/12/05.The house is in decent shape, but I am trying to understand why is the bank asking so much for the house when it is foreclosed and house prices should be down . I put in a bid for $125,000; the listing agent says that is too low, and the bank might not go lower than $150,000. Help plzTo tell the truth, I really don't know. My realtor says it is foreclosed and the bank owns it, and the listing agent deals with the bank. But, I have also heard my realtor mention that this house hasn't went to the court house steps yet. I am kinda confused about the property, if you email me, I can give you more details if you would like to help me out, like the MLS number. If I don't hear more from my realtor, I might ask the listing agent about some things. If that doesn't happen, I might try to find the bank and ask them myself.Thanks for the quick responses.Thanks everyone for a response. I found out that the house is still owned by the owner. The message my realtor left me made it upclear, but I got a hold of her, and understand now. Hopefully my realtor will talk to the listing agent, and the listing agent will tell the owners about foreclosures. Cause either the owner don't fully understand foreclosure, or just doesn't care. I'm leaning toward them not careing, hopefully something good will happen for me; thanks again.

[RobBofMD]

When lenders foreclose, they generally want their return to include: lost principle, lost interest, late fees, expenses of collection including attorneys' fees, court costs, advertisement costs, etc.Sometimes they, foolishly, sit and watch their investment erode, rather than bite the bullet early and take a hit on the asking price. With your offer, it may make sense to include comparables, as well as the problems with the house which necessitate you making a lower offer. Perhaps they'll take it, perhaps not, but there's no harm in trying.

[financing_loans2928]

First of all I dont like this system.... I dont like that I cant ask questions. (maybe I can but Im new to this) Is it a short sell? (ie has the bank listing it to sell before foreclosure?)I dont have enough information to answer the question. Who currently owns it? Who has title? Are you buying the home before the Public Sale? Has it foreclosed?I would be happy to answer your questions but for me to do it, I need those answered.*update*Its seems to be a short sale. The bank has given the borrowers a chance to sale the home quickly for a discounted price. The bank doesnt have to foreclose and take over the property, the owner doesnt get hit on their credit.These have to be done quickly. You mentioned to be emailed but you dont show you cant be emailed on your profile. I can answer more of your questions but you will have to email me. You can contact me on anything with my profile, I will try and answer your questions or help in any way possible.*Broker boy below is right, if its foreclosed. You are saying 2 different things. My advice is based soley if its a short sale. You said the agent is dealing with the bank, thats fine. Usually they allow the bank to work on their behalf to sell it short of foreclousure. But if it hasnt foreclosed on the court steps its still owned by the owner even though the bank is making the deal. Its a pure and simple short sale.... And loan boy below knows as simple as I do... IF THE HOME IS FORECLOSED ON, THE PRICE OF THE HOME WILL GO UP*

[loandude]

Well...where do I begin. I guess the first thing I want to say is the previous two answers are pretty much gibberish. The bank owns the property. They will not negotiate a price with a buyer if an individual still holds title. The realtor told you the bank owns the property. My opinion is, you are making this waaaaayyyy too complicated. It is not necessary you understand the bank's thinking Make an offer you are comfortable with. If it works out, OK if it doesn't , find another property. Geez!!