Forclosed And Owned By Lender Is It Worth FMV In MI
I have come across a home in Michigan that has been forclosed, vacant, looking very unkept, and owing county and city taxes, but through an internet forclosure list the lenders are asking the FMV, is there a approach to investing without over paying. What is a fair offer to make on a home like this, homes in the area are in the $175,000 to $250,000 range this home is not listed with a realtor, and the lenders are asinkg $250.000
all suggestions appreciated!
Thank You
Susan in MI
Do some more home work. Find out what the existing mortgage is, and the taxes owed. That is what you start the bidding at. You already know what it will sell for the only thing you need to know at this point is what the sellers situation is to make them an offer.
Good Luck,
Kyle