Foreclosure in Palm Bay>Question Details

Paul, Home Buyer in 25801

How hard/easy is it to buy a forclosure? Some are listed at extremely low prices. What does that mean. How about purchasing a home that is Lis?

Asked by Paul, 25801 Sun Mar 21, 2010


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As far as Lis Pendens property is concerned-- a Lis Pendens is a legal document recorded in the county records to show that a suit is pending affecting the real property where the notice is recorded--it gives notice that the title to the property is in litigation, therefore the property is not yet necessarily for sale--As for foroclosure--the prices you may be seen may not actually be the listing price or they could be priced less than their actual value to ensure multiple bids, etc--if you are interested in any foreclosures it is advisable that you have an agent of your own to look out in your best interest--keep in mind that not all foreclosures are such great bargains, therefore don't overlook traditional sales, as some may be just as good if not better deals.
1 vote Thank Flag Link Sun Mar 21, 2010
Sometimes when you see these extremely low prices listed on Trulia and the source is RealtyTrac, these are NOT accurate listing prices. These are notices of foreclosure and Realtytrac publishes them hoping to get buyers to pay for their service. Unfortunately, this is very misleading. The actual price will always be posted on the MLS when the property is actually for sale.

It is possible you're also just seeing an excellent price for a property. One other thing to keep in mind is sometimes banks price a property low to try to extract multiple offers and counters and then it will actually go for over asking There really aren't any amazing "deals" out there - property is going for the "market rate" and you won't see exceptions of foreclosure properties selling for grossly less as other similar properties in the area.

The best thing you can do is speak with a buyers agent in your area, who can get you started on an MLS search and find properties available that meet your criteria. If you need a referral for an excellent agent in your area, please let me know.

Richard Schulman
Keller Williams Realty
0 votes Thank Flag Link Sun Mar 21, 2010
It is easy to buy a foreclosure but I would have a Realtor to advise me on where to go. You need to look at the comps because list price has little value sometimes. Here our market is hot so if you do go at the high end of comps... you do not end up with the home. A Realtor from your area will be best to guide you with what is happening there and where to come in with offer.

Good Luck!!!
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0 votes Thank Flag Link Sun Mar 21, 2010
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