Friday, January 10, 2014

How Low Will It Go?

This is an update to this earlier post about a foreclosed property I was interested in bidding on at sheriff's sale.  The bank's appraisers valued it at $146,000 at the time of the sheriff's sale.  Afterwards, it was listed for sale at $121,900.  Almost six months later, the property still hasn't sold.  The price has been lowered multiple times and now rests at $79,000.

As stated in my earlier post, the indebtedness was around $112,000 at the time of the foreclosure sale.  I'm assuming the lender was made whole by Fannie Mae.  The difference between that number and the ultimate sale price will be Fannie Mae's loss.

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