Foreclosures and bank owned

[Amanda Rose]

Hi,

i see a property that is going up for auction soon.  I looked on public records and it was last sold for 421K. Does that mean the bank won’t sell it for less than that? 

[Andy Mirza]

@Amanda Rose No, it does not mean that they won't take less than $421k. Unless you work at US Bank or have a good connection there, you will not know what they'll be willing to take for the property. If they've listed it for auction, it's a waste of time to try to contact them directly. If you want to buy this property, the best thing to do is do your due diligence to mitigate your risks to make sure it's worth buying. Determine your maximum bid, go to the auction, and do not go above it even though others might. Your numbers are what makes sense to you and shouldn't be affected by what the bank does, which is out of your control. If they want too much, move on to the next deal