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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Bidding formula for foreclosures Posted by The Short Sale Realtor on September 01, 2006 at 5:51 PM In Reply to: Bidding formula for foreclosures posted by Nate on August 24, 2006 at 2:52 PM First of all - I would not assume that you'll get $165,000 or anywhere near it. Many a seller has been shocked to find out how much they finally had to reduce their price to get a property sold in this market. Secondly, have your title company order a 'demand payoff' from the lender(s) to confirm that he only owes $110,000 (pre-payment penalties, escrow adjustments can add 1000's to the amount the borrower 'thinks' he owes.) Finally, have your same title company order a 'preliminary title report' or do title search yourself and verify that there are no other liens against the property. Also - consider that the market value of the property will most likely drop during your holding period. If this property was in San Diego - I wouldn't touch it...too skinny. The Short Sale Realtor Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : First of all - I would not assume that you'll get $165,000 or anywhere near it. Many a seller has been shocked to find out how much they finally had to reduce their price to get a property sold in this market. : Secondly, have your title company order a 'demand payoff' from the lender(s) to confirm that he only owes $110,000 (pre-payment penalties, escrow adjustments can add 1000's to the amount the borrower 'thinks' he owes.) : Finally, have your same title company order a 'preliminary title report' or do title search yourself and verify that there are no other liens against the property. : Also - consider that the market value of the property will most likely drop during your holding period. : If this property was in San Diego - I wouldn't touch it...too skinny. : The Short Sale Realtor Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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