Canadian, Both Buyer and Seller in Duboce Triangle, San...

I don't understand how to purchase a home in foreclosure. Specifically, 15 St #3, San Francisco CA 94114 is up for sale, but the sale price

Asked by Canadian, Duboce Triangle, San Francisco, CA Thu Jan 28, 2010

cannot be $20k... so what is the sale price exactly? Why is the amount that the bank owns the only amount that is shown? I hardly care what the bank owns, I simply care what the cost is.... so why is that not published?

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6
Tomas Janik’s answer
The price of 20K provided by Realty Trac, IS NOT misleading, it is transfer value price for the Bank. that means the price of last record in the history of property.

The real price of the property is higher, of course, however you can negotiate and submit a reasonable offer to the bank.

I am surprised that so many realtors dont know that.

I did subsribed to realty trac as a realtor, and it is a great source of REOs, and Foreclosures. So you can definitely find a bargain, but need to be financialy ready and have your funds together.

In FORECLOSURE you are dealing with the bank, basically you submit an offer (reasonable) and bank either accept or deny your offer.

We specialize in foreclosures, short sales, and REOs, please feel free to contact me.
I would be happy to answer any of your questions.

Good Luck & Happy new year!
Tomas
0 votes Thank Flag Link Sat Feb 6, 2010
Canadian,

As Don suggested, most likely this is information provided by Realty Trac or similar company, who is notorious for providing misleading information. No property in San Francisco is going to sell for that amount. Usually what Realty Trac does is give you incomplete information so you will subscribe to their service. And as Jeff suggested, most likely this is the outdstanding amount due on the loan.

Find an agent/broker to help you with this.

Regards,

Lance King
415.722.5549
lance@fixedrateproperties.com
DRE# 01384435
0 votes Thank Flag Link Fri Jan 29, 2010
The address you provide is not complete, so I can't tell if you are viewing a listing or a notice of sale (foreclosure). If it's the former, contact the listing agent or get an agent yourself.

If it is the later, that amount is probably only the amount owed on the loan. The notice will state the date and place for the auction. The lender will no doubt bid the entire amount owed to it in what is known as a "full credit bid", and you are free to bid over that amount.

Given the small amount, it is likely that this is a foreclosure on a second or third deed of trust. That means that there are loans with superior liens on the property. If anyone buys the property at the foreclosure auction, they take it subject to the existing superior liens. That may or may still be a bargain. You have to find out the amount of the superior liens to make that evaluation.

Of course it should be said that buying property at a foreclosure auction is a very risky proposition. You will not have any disclosures, you will not be able to inspect the property prior to purchase, and you will have to deal with the occupants after purchase.

The reality is there are no $20,000 properties in San Francisco.

Jeff Woo, Esq.
Sedgwick, Detert, Moran & Arnold LLP
Complex Rental Property Group
415-627-3607
jeff.woo@sdma.com
0 votes Thank Flag Link Fri Jan 29, 2010
Canadian,

Give me a call today, and I can assist you in giving you the correct price and any other information that may be of help to you. I can also send you a few other foreclosures in the area, or well-price short-sales.

Feel free to call or e-mail anytime.

Have a nice morning,
Eric M. Abrams
California Real Estate Broker
DRE #R01862927
Web Reference: http://www.ericmabrams.com
0 votes Thank Flag Link Fri Jan 29, 2010
Canadian,

We hear your frustration........

These sources of incorrect or misleading information are creating problems for many, many people.

Our recommendation is to do your property search through the suport of a local real estate professional. This should insure that you will be receiving accurate and reliable information.

Good luck
The Eckler Team
0 votes Thank Flag Link Fri Jan 29, 2010
I'm not positive who's supplying the figure of $20,000, though I'd guess it might be RealtyTrac. There have been many, many threads here about the erroneous, misleading, and incorrect data provided by that company.

If the property is even for sale (and lots of so-called foreclosures on RealtyTrac are not for sale), just find any real estate web site serving San Francisco. Virtually all have some sort of form that allows you to search the MLS. You have the address (though it appears you left off the street number above), so that should be sufficient. If you can't find it, it isn't for sale. However, you can ask a Realtor what the status of the property is, even if it's not on the MLS.

Hope that helps.
0 votes Thank Flag Link Thu Jan 28, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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