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01-28-2009, 09:26 AM
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Foreclosure Question. I have enough cash to buy
property outright.? The condo is being offered at 29K. There are a few condo's in the development that are in foreclosure and they are not moving. They are all being offered in this same price range. What is the lowest amount I should offer the bank? Would 10K be too low? I know property values will continue to decrease, does this factor into the equation? Also, the fact that it is winter time, does that factor into the equation?
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01-28-2009, 10:47 AM
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$25K is likely the lowest amount they will accept. They will send it to auction if they can't get a better offer.
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01-28-2009, 12:03 PM
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That would depend on how much the bank has invested and the strength of their balance sheet. Go ahead and offer the $10,0000 and see if they counter.
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