Foreclosure in Riverview>Question Details

Kimberly Han…, Home Owner in Ocala, FL

A foreclosure property says the price is $6,321.00. Is that the selling price?

Asked by Kimberly Hanratty White, Ocala, FL Tue Feb 26, 2013

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5
Antonio Vega-Pacheco’s answer
BEST ANSWER
If you are referring to listings here on Trulia it could mean several things:

A. You are looking at a public record. It just provides info on transactions that happened at court level but have nothing to do with the home being sold to the public. Like "Transfer Value".
B. You are looking at Estimate sites, they are only providing information for the purpose of giving you are prices and comparable properties.
C. Or Realty Trac strikes again:
Look at the posting for that home again and find the logo for Realty Trac (black and red). Most times when you see that logo on any listing it means the price you see is NOT a sale price, and the home is probably not for sale as of yet. It is just a posting of what the Bank/Lender had to pay the courts to document regaining custody of the home when they foreclosed on it (transfer value); and/or an announcement that the foreclosure process has just begun (Lis Pendens). Next that Bank/Lender will take several months to put the property on the market at "Market Value for the specific community" and it will be listed/advertised as a Foreclosure or an REO. Was this answer helpful? If so please click on the "thumbs up" above.

Tony Vega
La Rosa Realty
2 votes Thank Flag Link Tue Feb 26, 2013
Also the $6,321 may be a foreclosure lawsuit filed by the Homeowners Association or Condo assn. The first mortgage will survive the HOA foreclosure and eventually will foreclose on the investor that buys it for Cash at the courthouse. Some investors are doing this and renting out the home if they think it may be a while before the 1st mortgage forecloses and takes the property back.
1 vote Thank Flag Link Tue Feb 26, 2013
You are probably seeing one of the Realty Trac listings. These are just public record information and not real listings.
1 vote Thank Flag Link Tue Feb 26, 2013
I very much doubt it. I suspect you are seeing a post from Realty Trac. Those homes may or may not be for sale and the amount you see is not the asking price but the amount owed on some lien or mortgage, it could be Home Owner Association Dues, a tax lien or something that would only reflect a small portion of what is owed and certainly not the asking price.

If you are interested in purchasing foreclosure or short sale properties you should really find a local professional to assist you. That way you will know you are not wasting your time chasing properties that are not even available.
1 vote Thank Flag Link Tue Feb 26, 2013
Kim,

Without seeing the exact home you are speaking of it is hard to answer this question. Some homes in the Riverview area have sold for very little. Most need lots of work. Please email me the address and I can check it out for you. Are you looking to move to Riverview soon? I would love to help.

Please review my profile on Trulia and send me a message or email me directly at THOYT@prutropical.com

No pressure, just help.

Respectfully,
Tracy Hoyt
Realtor
Prudential Tropical Realty
1 vote Thank Flag Link Tue Feb 26, 2013
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