Question : How much will a foreclosure in your block affect the value of your home?
We moved into a nice maintenance free senior citizen town house complex six months ago and now one of the units is in foreclosure.It took all of our savings and sell of the old house to buy this unit.How much money can we expect to loose?
- asked by mackie
All Answers:
Answer #1
Foreclosures effect property values not when theforeclosure occurs, but when the property finallysells *if* it sells below fair market value. Ifthe lender is able to sell the property at or nearmarket value, then the impact on the value of yourproperty will be minimal. On the other hand, ifthe lender takes a bloodbath on the property, thenthe impact on your value will be greater.
- answered by Chuck Z
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