Went to HD and compared the look of Allure to a higher quality laminate and decided this house was too upscale for Allure--save my test case for an apartment.

Remember it will be hers though if you are selling at a reduced price you could lose out if things go bad.

Hi there -- I'm very new to RE and BP, so apologies if common economic logic already answers this question.I live in Chicago along the Blue line in Logan Square, which is a "hot" neighborhood. I see plenty of future g...

Of particular interest to me is connecting with loan officers to get what Chris calls the top rejects.Too bad were not all in the same place.

ERGO you are in foreclosure in the first place.GFC meltdown saw values drop 20 to over 60% in certain markets  .. your 70% LTV loan was underwater right out of the gate.So to answer your questions.In General... you have a foreclsoureyour value is 10% less than it was when you made the loan.. reason flipper butchered the job ... and again depending on state it could take 1 to 3 years to actually foreclose and of course your not getting any payments.. so your interest is wiped out. your cost of doing the foreclosure again state specific.. and I have never met a defaulted borrower that paid the property tax's  ( and again state specific how bad this will be).. you have selling costs usually 8% and you normally have to spend money getting the home marketable I have never met a defaulted borrower who left a home in perfect shape.So you add 10% market devaluation  8% for sales costs.. 3% for foreclosure costs.. 2% for back taxforce placed insurance and utls.. and depending on the condition of the home 5 to 10% for rehab .. you can see how this eats into your 30%  .. then take states Like were i live and properly filed mechanics liens are super liens they jump ahead of your mortgage.. this can be thousands up to 100 thousands if your flipper totally screwed the subs. 

Why it looks like a bad deal.

I doubt they're as detailed as true MV appraisal w/ like kind/quality comps, but would it be fair to say that its usually in the ball park or is that a stretch? 

@Jose Roberto Funes Jr if the deal was bad enough there isn't a buyer, you should tell the seller you can't close and eat the cost of whatever earnest money you've put into it already.

The more you analyze deals, the better equipped you will be to obtain a good one.

Don't let frustration push you into a bad property, instead learn where to find a better deal.