Quote:
Originally Posted by Delgar
Can you say how the list you receive is generated? For example, does it include the properties that are only posted for sale at the court house (i.e. no MLS)?
I've always wondered why, when I hear of great deals while sitting in chambers (based upon even forced sale for cash appraisals where the appraiser was hired by the lender) there are often no bids.
I think what happens is the purchasers will not bid higher than the mortgage amount owing, so the lender just takes title and unloads it in a "non-foreclosure" sale.
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I do not have all the foreclosures. I use the MLS and narrow the search down to bank owned properties. This does not reflect all of them however it includes a large chunk.
Every bank is different and there isnt really "negotiating" you submit your offer and its either yes or no. The listing agent of foreclosures receives the offer and just gives it straight to the bank. The last one we worked on we were able to get a feel for what would and would not be accepted. In this case, the listing price was just about as low as they would go and it didnt turn out to be a good enough deal to pursue.