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Old 02-01-2012, 10:33 PM
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Foreclosure sale price

what would the sale price be in a foreclosure?



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Old 02-02-2012, 02:47 AM
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“what would the sale price be in a foreclosure?”----> Foreclosures are often priced at a discount so the property sells quickly. Banks want to recover as much money as possible by selling foreclosures. The bank will acquire an appraisal of the foreclosure property. The appraisal is conducted by a licensed appraiser, who will assess a value to the house based on its characteristics. According to Bank Foreclosure Sale, foreclosures may be sell for 30 to 60 percent below market or appraised value. An assessment of homes in the neighborhood can be a good indication of how much the bank can recover by selling the property. Neighborhood qualities and home values will affect the value of the house the bank is foreclosing on.When pricing a foreclosure, the bank wants to recover as much of its money as possible, so the amount owed on the mortgage is taken into consideration when pricing the foreclosure. Banks will usually price the foreclosure on the loan balance and gradually reduce the price until it is sold.



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