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Does the sellers agent know the reserve price that the lender wants when a home is put on an online

This is a short sale home so if the starting bid is 120,000 how can we figure out what the reserve price is?

  • August 23 2013 - Framingham
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Answers (3)

Do not go it alone, hire a licensed Realtor and have him/her do a comp. Find out what the real value of the property is and then decide how much you want to pay for it.
  • August 31 2013
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Profile picture for nwhome.us
No the agents cannot predict what the lender's negotiator will settle at. there is no reason to it and if you are wasting your time time trying to figure it out you aren't motivated enough for that specific property to make the deal happen.  You have to know what you are willing to pay for the home and really want it.  It doesn't matter what the bank thinks focus on your own needs and understanding of the value in the neighborhood.
  • August 23 2013
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Profile picture for Rick Lesquier
Typically the starting bid is the reserve price that the lender needs to get out of the home. It is their opening bid. If there is not a bid of at least $1 over that amount the home goes to the lender. Foreclosure sales are not like bidding on eBay where there is a reserve price.
  • August 23 2013
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