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Thread: question about Oliver's ear

  1. #13
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    KMARINO's Avatar
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    Default Re: question about Oliver's ear

    @Sherry, no not an auction, it is where the owner could not make the payments and the bank takes it over, I think it is the last thing before a foreclosure. The owner still has the right to accept or deny the bid, and this owner accepted ours, but it is way below what appraisal is for. I THINK I am right?!?!? What I do know it is appraised for more than they sell it for. But in todays market which is a BUYERS market it is good for the buyer and sucks for the seller. They get less than what the house is worth and usually have to still pay into the bank.

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    Default Re: question about Oliver's ear

    well, we will have the time to wait!! And I will def make sure that we are neighbors or at least very close to each other!!! I've kind of been skipping over the short sale houses, but now I may go back and just look again. My only problem is I don't know which are the good areas and which are the not good areas, so it will help knowing someone there who can point me in the right direction and not just a realtor! And once I'm done with school, I may get offered a job before we are really ready to buy and may have to rent for awhile too! And I'm not sure I want to be somewhere that has an HOA.
    Kim, Lord Sebastian, Sir Oliver, Remy Le Beau, and Gracie Lou <3

  3. #15
    The Ultimate Sourmug Sherry's Avatar
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    Default Re: question about Oliver's ear

    Quote Originally Posted by KMARINO View Post
    @Sherry , no not an auction, it is where the owner could not make the payments and the bank takes it over, I think it is the last thing before a foreclosure. The owner still has the right to accept or deny the bid, and this owner accepted ours, but it is way below what appraisal is for. I THINK I am right?!?!? What I do know it is appraised for more than they sell it for. But in todays market which is a BUYERS market it is good for the buyer and sucks for the seller. They get less than what the house is worth and usually have to still pay into the bank.
    Thanks for the insight. We build our house in 1998 and seen the market go way up and now way down. My husband is a Stone Mason and rarely does residential, it's all commercial. We have so many public auctions in our area. 10% down at sale, and believe me they are going for cheap just now, with acreage. Farmettes are all around us. I'd love one, but with hubby's work being dependent on the economy, it's not happening. but to everybody in the buyers market, have fun shopping!!!
    Life is like a box of chocolate covered

  4. #16
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    Default Re: question about Oliver's ear

    Quote Originally Posted by KMARINO View Post
    @Sherry , no not an auction, it is where the owner could not make the payments and the bank takes it over, I think it is the last thing before a foreclosure. The owner still has the right to accept or deny the bid, and this owner accepted ours, but it is way below what appraisal is for. I THINK I am right?!?!? What I do know it is appraised for more than they sell it for. But in todays market which is a BUYERS market it is good for the buyer and sucks for the seller. They get less than what the house is worth and usually have to still pay into the bank.
    Yes that's right. The owner can no longer afford the mortgage payments and has come to an agreement with the bank that it will be sold for less than it is appraised for. It could also sell for less than what is owed on the mortgage simply because the bank wants some money back rather than NO money back. The seller still has the right to accept/refuse/negotiate the contract but in the state of Ohio once a purchase offer has been accepted it is legally binding on the buyer just as a "normal" purchase would be.

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