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Updated about 12 years ago on . Most recent reply

Ty Wesley's profile image
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Ty Wesley
  • from Philadelphia , PA
  • Member since Sep 5, 2010
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Ty Wesley's profile image
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Ty Wesley
  • from Philadelphia , PA
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Ty Wesley
  • Philadelphia , PA
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Buying & Selling Real Estate

Short Sale on the MLS

Ty Wesley
  • Philadelphia , PA
Posted

I see a short sale condo on the MLS in my area for with an asking price of 18k.

If I buy it will I own the property out right or am I just paying 18k to take over the existing mortgage which has a greater balance than 18k??

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Wayne Brooks
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Wayne Brooks's profile image
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Wayne Brooks
  • #1 Foreclosures Contributor
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  • from West Palm Beach, Florida
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

The bank wants 90% of FMV. The price they agree may be higher, or lower, than 18k. Sometimes the agent list them stupid low, or stupid high.

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