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Updated almost 11 years ago on . Most recent reply
Offer on Bank Owned?
Just came up on a property that is bank owned and cash flows.
How much profit does a bank go for to get a property off their books?
I know what they paid for it and it is listed $50k more.
Anyone with experience offering on bank owned properties?
Most Popular Reply
Wayne Brooks
#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
What they "paid" (their bid price at the auction) for it is an irrelevant number, just the outstanding mortgage amount owed at the time of the auction (probably 2-3 times that amount). They're looking for something close to FMV.