Posted by ANne-ND on July 10, 2001 at 08:05:02:
Benjamin,
Among the things you need to know is the actual FMV of the property. Is it worth double or triple the $40K? Only the bank can tell you if they’ll accept an offer now. Furthermore, you need a local attorney to tell you what the redemption laws are in your state- they vary greatly by locale.
I suggest that you buy a course, or do some searching in the archives.
Good luck,
Anne
I NEED YOUR HELP! - Posted by Benjamin Howard
Posted by Benjamin Howard on July 10, 2001 at 04:18:37:
I recently found a 4800 s.f. townhouse in the middle of a residential neighborhood that was foreclosed on by the bank two weeks ago. The amount owed on the loan is $40k, and the building is worth double if not triple that amount. If I put in a offer this week, could they could accept it?
Is there a time period that must go by ( 30 days ) before they can accept?
It usually takes this bank 90 days to even put it up by a realtor, I’d like to get it sooner then that and save on the inflated price for realtor fees.
Please, tell me what i need to know!
-Benjamin Howard
Re: your numbers?? - Posted by Brian M. Powers(MI)
Posted by Brian M. Powers(MI) on July 10, 2001 at 08:26:00:
A 4800 SF townhouse is only worth $80K-$120K??
What area is this?