Foreclosure in Modesto>Question Details

Chi Visaphra…, Home Buyer in 95351

I saw a pre-foreclosure property 3B/2Bath for 3k! Is this really true! Can it really be that cheap to own a home?!?

Asked by Chi Visaphralichanh, 95351 Tue Jul 20, 2010

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6
Hi Chi,

It is rare to see a home sale for under 20k. If you only have 3k to spend, you might want to think about financing. You could buy a home for 100k and put as little as 3,500 down.

Feel free to contact me for more info

Enrique Del Real
PMZ Real Estate
Direct 209.204.2820
Fax 209.529.8949
Email edelreal@pmz.com
2 votes Thank Flag Link Sun Aug 22, 2010
Chi Visaphralichanh:

Too good to be true? Guess what …

What you are seeing is not a listing … it is an advertisement for RealtyTrac.

What you are seeing on Trulia.com is the notice of default for one of the mortgages provided by RealtyTrac OR a foreclosure notice for a trustee sale. RealtyTrac notices can be very deceptive because they give the loan amounts, not the purchase price. When this particular property does hit the market, it will be at market price for the neighborhood.

RealtyTrac is trying to get you to sign up for their service.

The following links may be helpful:

When Is The Price Not The Price?
http://bit.ly/p11iq

It’s Too Good To Be True: REALLY – Top 4 Buyer Myths
http://bit.ly/4PKTHT

If you want to know when these actually hit the market, have a Realtor set you up with an auto-feed that will alert you the moment they become active on the MLS. Let me know if you’d like any additional information.
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0 votes Thank Flag Link Sun Aug 22, 2010
Thank you for your question about a home that is in Pre-Foreclosure with $3,000 included in the advertisement. Please be advised, that if it seems to good to be true it probably is. RealtyTrac lists loan and lien amounts, which means, the $3,000 could be the amount of back taxes or some other lien, not the amount of a loan default. The houses in Pre-Foreclosure may never be foreclosed and the default on the mortgage could be much higher than the listed lien amount.
0 votes Thank Flag Link Sun Aug 22, 2010
Hello, Chi,

Is yours a rhetorical question? I ask that because I think that you already know the answer. If not see Don Tepper’s response right below.

A lot in Modesto without a house on it is worth more than $3,000.
0 votes Thank Flag Link Tue Jul 20, 2010
Sure. And I've got a nice bridge in Brooklyn to sell you.

Come on. Really.

A local Realtor can tell you what really is for sale, and for how much.
0 votes Thank Flag Link Tue Jul 20, 2010
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
If you are looking at a RealtyTrac ad-- Keep in mind that RealtyTrac's information may not always accurate and oftentimes misleading--you could be looking at a lis pendens property--notice of default--or possibly some kind of filing fee, etc., some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner. If you are interested in foreclosures, work with an agent--he/she will have access to reliable information--also don't overlook traditional sales as some may turn out to be a much better bargain than some of the foreclosure properties.
0 votes Thank Flag Link Tue Jul 20, 2010
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