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Anatomy of a Foreclosure in Today's Real Estate Market
Today I saw another great new bank owned foreclosure listing hit the market at $424,900 and I thought it would make great fodder to take a look at the anatomy of a REO listing and what an asset a good Realtor® is to a buyer.
Typically, before a foreclosure hits the market there is a long series of events that brought us to this point. In this case the home was last purchased on July 23, 2003 for $437,000 and was last marketed as a short sale a little late in the foreclosure game. It was listed on December 3, 2010 for $469,000 and was cancelled about two weeks later probably because the foreclosure auction was held on December 14, 2010.
The plaintiff in that case had a final judgement in the amount of $690,982.14 and had announced prior to the auction that their maximum bid would be $470,000 and that alone was enough to scare off any potential 3rd party bidders. As of today the previous owners name is still on the deed. Once the bank has taken back the property they firm up a market value either through a broker’s price opinion (BPO) ... more
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