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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Probably Not Worth Bidding Posted by SeanW on May 29, 2003 at 2:58 PM In Reply to: How do I bid? posted by Melissa on May 29, 2003 at 1:07 PM I'm not sure how you're getting "appraisals", since appraisers charge $300 minimum per property-- and I'm doubting you already spent that on a speculative foreclosure. (Do you mean tax assessment value? The tax record of a property is a poor indicator of its market value.) If the debtors owe $123,000 then the opening bid on this property at the sale (from the bank) could be even higher, after the trustee's fees and interest arrears are added to the balance. But if the bank knows it needs a lot of repair, they may start with some lesser value... It's up to them! If by your own admission this house needs a lot of work, and most houses are going back to the lenders, it might be better to just let the bank win the bid. Then you can send them some unflattering pictures, and offer them something even lower. Your argument to them is: "There's no way to fix this and sell it at a profit. Cut your losses now." Banks are in the business of lending money, not rehabbing properties... They don't like holding "fixers". Follow Ups: Re: Probably Not Worth Bidding Melissa 6:17 AM, 05/30/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I'm not sure how you're getting "appraisals", since appraisers charge $300 minimum per property-- and I'm doubting you already spent that on a speculative foreclosure. (Do you mean tax assessment value? The tax record of a property is a poor indicator of its market value.) : If the debtors owe $123,000 then the opening bid on this property at the sale (from the bank) could be even higher, after the trustee's fees and interest arrears are added to the balance. But if the bank knows it needs a lot of repair, they may start with some lesser value... It's up to them! : If by your own admission this house needs a lot of work, and most houses are going back to the lenders, it might be better to just let the bank win the bid. Then you can send them some unflattering pictures, and offer them something even lower. Your argument to them is: "There's no way to fix this and sell it at a profit. Cut your losses now." Banks are in the business of lending money, not rehabbing properties... They don't like holding "fixers". 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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