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!
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.
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
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
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.
The Eckler Team
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.