Sat, Jul 04, 2009
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Formula For Figuring Price Owed On House At Sheriff Sale??? |
house2house
121 Posts
Member Since: 05/29/2003
Fayetteville, OH
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Posted: 10:53 on 07-28-2003
Hi,
This is probably a unfair question, but I need to know.
Is there a Ball Park Formula, you can kind of go with when trying to figure what is owed on a house?
Sample: At a sheriff sale if a property is appraised at 50,000 and 2/3 would be about $33,340, Can you kind of guess what is owed on the house?
Just thought someone might be able to come up with a ball park formula to help me. Thanks
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TheShortSalePro
3969 Posts
Member Since: 01/29/2003
Oakhurst, NJ
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Posted: 14:25 on 07-28-2003
If you live in and want to bid on a property in a jurisdiction that presets the Sale price to % of fair market value, perhaps it isn't essential to know what's owed...
To know what's owed, you would have to know if there is a mortgage, or two, or even three mortgages against the property. You would have to know if there are any property tax liens, IRS liens, or other liens that attached to the property.
I don't know of any shortcuts... other than to ask the Homeowner, or find out the judgment amount.
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tbud
14 Posts
Member Since: 08/13/2002
Racine, WI
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Posted: 11:13 on 07-29-2003
In my area, if you call the Attny for the Bank 24hrs before the sale, they typically give you the reserved auction price.
However, when evaluating a property, I typically use a 65-70% rule of thumb. That is what I am seeing the banks start the auction prices at in my area.
You may want to attend a couple auctions and see what the going rate is. Also, watch to see who the lenders are and see if you can make any correlations as to their policies.
tbud
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Stockpro99
2170 Posts
Member Since: 07/01/2003
Salt Lake City, UT
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Posted: 12:14 on 07-29-2003
In reality, who cares what the payoff is? You should go in knowing what your maximum price/offer would be. Never ever go over it and I would certainly start lower than the "last best"
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"Chance favors the prepared mind"
Randall Wall
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