How much cheaper is a foreclosed house?

[TheSiege]

How much would a house sold for $350000 in 2007 be sold for now in foreclosure?

 

[Rudee]

There are too many factors in play to give an accurate answer to your question. It really depends on what Country, State, City, Neighborhood you are looking at.

 

[woodie1]

Originally posted by: Rudee
There are too many factors in play to give an accurate answer to your question. It really depends on what Country, State, City, Neighborhood you are looking at.

So true. Plus each mortgage holder has their own method of putting a value on a property. Naturally, the longer the house has been empty one would expect the price to keep falling until someone makes a "reasonable" offer.

 

[Rastus]

I went to a sheriff's sale on the courthouse steps once. There were a bunch of people standing around, the sheriff came out for about five minutes, chatted with a couple people, then left.

All the deals for foreclosed properties were previously made by insiders. The theatre on the steps was a mere formality. To this day, I still don't know how it's done.

 

[Squisher]

Some foreclosures have been gutted or have seen damage because utilities have been turned off, frozen pipes can have burst or seen flooding because a sump pump wasn't able to work without electricity.

 

[DayLaPaul]

It definitely depends on the condition of the house. If it is in near perfect condition, without knowing any more details about the house other than it sold for $350k in 07, I would estimate it around $225k - $275k.

 

[troytime]

it depends on a LOT of things

if you have connections with the bank, you can get them before they even go up for bids and offers... sometimes for whatever is left on the foreclosed mortgage or less.

 

[Skeeedunt]

Don't listen to these clowns, it's 13.8%. Any less and you're getting raped, any more and you're a communist.

 

[Newbian]

In Michigan they have to pay you to live there.

 

[alkemyst]

Originally posted by: TheSiege
How much would a house sold for $350000 in 2007 be sold for now in foreclosure?

zillow.com for the win?

 

[PaperclipGod]

I just had an offer of 98.5K accepted on a house which had a 200K mortgage taken out on it 2 years ago.

 

[GeekDrew]

Originally posted by: Rastus
I went to a sheriff's sale on the courthouse steps once. There were a bunch of people standing around, the sheriff came out for about five minutes, chatted with a couple people, then left.

All the deals for foreclosed properties were previously made by insiders. The theatre on the steps was a mere formality. To this day, I still don't know how it's done.

We have quite a few properties sell during our Sheriff's auctions at the courthouse. Perhaps all of the properties to be auctioned on the day that you attended had been removed from the auction list via arrangement with the mortgage company and prospective buyers?

 

[TheSiege]

Well the house needs some work, new carpet for sure, some damage to built in shelves, the master bedroom fireplace is messed, no mirrors in the bathrooms, the deep water well pump is not turning off, so it keeps pumping, and it might need a new roof, or at the very least, some repair. and the total land is 6 acres