How did this place go for almost 50% off?

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99.999% sure that is the foreclosure price. Whether it was the bank or the investor, that was what happened. If you knew, what I know, is in the pipeline for foreclosures... then you would have a ton of hope.
 
I am a bit naive when it comes to real estate as I have never owned or purchased a place. In a foreclosure, does the bank take bids from buyers like you and me? I'm a bit unsure as how one would get the price of 335k especially when the original owners paid 655K. does that mean the bank is taking a lost of about 320k here?
 
Irvinian said:
I am a bit naive when it comes to real estate as I have never owned or purchased a place. In a foreclosure, does the bank take bids from buyers like you and me? I'm a bit unsure as how one would get the price of 335k especially when the original owners paid 655K. does that mean the bank is taking a lost of about 320k here?
Click to expand...

The bank takes bids from cash buyers at the foreclosure auction, whoever they might be. Gotta cashiers check? Good to go.

With those numbers, yeah the bank took a loss. Note the current banking system crisis...

Now, go peruse the Foreclosure and Distressed Properties thread like Graph said. It's long, but informative.
 
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