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Answers (3)
- Mark LeMenager
- Contributions:1714
If it's done by bank personnel, then doubtless they use a dart board. Certainly seems that way with some banks. Seriously, they'll get a local broker's opinion because a formal appraisal it much to expensive. The mortgage will not be a consideration.
- Sanna K Thomas PA, "Sanna K Thomas PA"
- Contributions:692
The bank will order a BPO through a Realtor and based on that information they will determine their asking price. The bank of course would like to recover as much as possible, but there is no set percentage. The outstanding amount in many cases is greater than market value.Hence that is why property values are continuing to fall.
- Pat Bourgo, "Pat Bourgo"
- Contributions:1013
Asset Manager from bank. If the relationship is great with the reo broker, the reo broker sets it.
1. How is the list price of a foreclosed property determined? Market value plus or mortgage amount?
Is an appraisal done? Is there a percentage factor above an appraised price?
Is the outstanding amount usually equal, higher or lower than market value?
Thanks
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