Foreclosure in 90245>Question Details

Robincam1, Home Buyer in 90245

How realistic is it to secure a foreclosure price? I see properties listed at low prices, but would a bank really do that? if so how do I get one?

Asked by Robincam1, 90245 Tue Jun 29, 2010

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Richard Murphy’s answer
If the property you are planning to buy is a property that the bank has taken back. offer 80% or of the listed price, and if it is Short Sale should be between 60% and 80% of the fair market Value price. The reason is a Short Sale and Foreclosed property is not worth market value, but if you ask a Realtor he or she gets paid by the amount you purchase at, so you will make a higher offer if it is up to the Realtor they don't have a penny invested into the Dream house you want to buy.........
Web Reference: http://www.we-pay-cash.net
0 votes Thank Flag Link Wed Jun 30, 2010
Hi Robincam1,

You have posted an excellent question. The answer is- it depends. There are many factors that have to be taken into consideration.
1. Time on Market?
2. Local market trending ? UP or DOWN ( ask a broker about the price )
3. Is the listing being handled by a local agent who knows the area and has local MLS access?
4. Number of properties on market that are comparable

In short, you have to do a little research and team up with an agent that you have interviewed and that understands your needs, goals and time parameters. Looking at your zip I can refer 3-4 agents to you that I personally know, live in your area and also work your area. They are all veterans in the business as well as fun and easy to work with.

They can look up the BPO value(s) assessed by the bank and run sales comparables from their local MLS to support value or reduce your asking price on an offer. Banks review their pricing every 90 days with updated BPOs and you can submit an offer that has a lower offer price even though the bank hasn't adjusted their pricing - yet.

It's all possible with the right team in place.

if you'd like to have a some excellent referrals please don't hesitate to call me.


Reuben Pacheco
Prudential California Realty
Pacific Design Center- West Hollywood
8687 Melrose Avenue, Suite G271
West Hollywood, CA 90069
323 466 5358 Offc.
213 804 4245 Mobile
http://www.ReubenPacheco.com
Reuben.Pacheco ( SKYPE)
preuben ( TWITTER)
Reuben.Pacheco1 ( Facebook)
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GOOGLE ME ( Reuben Pacheco)
0 votes Thank Flag Link Tue Jun 29, 2010
I suggest that you speak with a local real estate agent to help guide you through the process
0 votes Thank Flag Link Tue Jun 29, 2010
Just like a private homeowner a banks Asset Manager sell his inventory for as high of a price as possible. The only way to get a bit of a discount is to come in with cash. This can save you 10% - 15% depending on the price of the home and the interest it is receiving. The savings can be higher if the home has enough damage that no lender would approve a loan for it. Loans are much tougher to close these days so there is value in an offer that has no loan contingency and will close in 2 weeks or less.

Best Regards,

Eric Soderlund
Web Reference: http://www.esoderlund.com
0 votes Thank Flag Link Tue Jun 29, 2010
As others here note, the RealtyTrac advertisements masquerading as listings show houses that aren't for sale. And when, perhaps coincidentally, the homes are for sale, they're invariably priced much higher than the RealtyTrac ads.

So, to answer your specific question: It is not realistic to expect to be able to acquire a foreclosure at a price listed in a RealtyTrac ad. No, a bank would not do that.

If you're interested in foreclosures--or, more generally, good bargains--then contact a local Realtor.

Hope that helps.
0 votes Thank Flag Link Tue Jun 29, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
If you are looking hear on Trulia at Realty Trac listings the prices you see are not asking or sales prices, you see realty trac does not list or sell houses, they take public notices and foreclosure notices and publish them here to look like a house for sale, they want you to click on the page and subscribe to their information, the price you see could be what they are behind or what they owe.

To get the bets deal on a foreclosure, you shoudl get an expereinced buyker who specializes in foreclosures, they can guide you through the process and find teh best deals for you.

TO READ ABOUT REALTY TRAC SECRETS CHECK OUT THIS BLOG

http://www.trulia.com/blog/scott_godzyk/2010/05/realty_trac_…


TO GET TIPS ON BUYING A FORECLOSURE, CHECK OUT THIS BLOG


http://www.trulia.com/blog/scott_godzyk/2008/08/so_you_want_…
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Jun 29, 2010
Hi, Robin,

Popular "foreclosure" sites usually list the amount of the default, taken from public record filings, and not the market value. A typical low value foreclosure might be a case where a Home Owners' Association has foreclosed for back fees The sites show a house worth $200,000 as "Sale Price: $1,500". That's not even close.

First of all, in most states, a HOA foreclosure doesn't clear any other liens, so you would be buying the existing mortgage and tax obligations as well. Ask yourself, in an efficient market, where well-informed people look daily for bargains, how could they have missed this deal? If a great home is priced at 10% of market value, how long so you think it will be around? Not even long enough for you to type your question.

Doc
0 votes Thank Flag Link Tue Jun 29, 2010
Since we have no idea of what property or numbers you are referring to.....it is unlikely you will receive the help you require.

Your best approach for getting both accurate foreclosure information and the support you will require to purchase one of these properties is to contact a local real estate professioanl. They will be able to meet your needs.

Good luck,

Bill
0 votes Thank Flag Link Tue Jun 29, 2010
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