Found a house that was listed under Comparables for the area and went and looked at the house. Found out why house was priced the way it was. House needed a total gut job, but it is in a nice area. With talking to my agent, found out the house was going to be foreclosed on and they were trying to sell house to keep it from happening. So I put in a real low offer thinking I could use the land to build something new on. Asking price was 175,000. My offer 50,000. Offer was rejected said they had a higher offer. Couple weeks go buy and the listing realtor calls my realtor and tells them the house in going into foreclosure. Question#1 If there is an offer out there wouldn't they be willing to accept it before the house went in foreclosure? Or does this just depend on the situation. There was a lien on the house but not sure how much it was for. When my agent called me he told me about the auction date. He wa swilling to go to the auction to she how things went. There was some interest, but know one willing to pay the opening bid. Question #2 How soon will the house be listed again? or does it depend on the bank? Right now I am in the process of getting in touch with the right person to place a bid. Is this the only option for right now? Sorry show long but need some help.
Found a house that was listed under Comparables for the area and went and looked at the house. Found out why house was priced the way it was. House needed a total gut job, but it is in a nice area. With talking to my agent, found out the house was going to be foreclosed on and they were trying to sell house to keep it from happening. So I put in a real low offer thinking I could use the land to build something new on. Asking price was 175,000. My offer 50,000. Offer was rejected said they had a higher offer. Couple weeks go buy and the listing realtor calls my realtor and tells them the house in going into foreclosure. Question#1 If there is an offer out there wouldn't they be willing to accept it before the house went in foreclosure? Or does this just depend on the situation. There was a lien on the house but not sure how much it was for. When my agent called me he told me about the auction date. He wa swilling to go to the auction to she how things went. There was some interest, but know one willing to pay the opening bid. Question #2 How soon will the house be listed again? or does it depend on the bank? Right now I am in the process of getting in touch with the right person to place a bid. Is this the only option for right now? Sorry show long but need some help.
Thanks
Mark