Foreclosure in 43213>Question Details

Cheryl, Other/Just Looking in Columbus, OH

What does the $ amount of the Foreclosure homes represent and where do these figures come from?

Asked by Cheryl, Columbus, OH Sun Oct 31, 2010

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Cheryl, looks like you got the right answers here. On foreclosures, the $$ amount can come from a variety of sources. I like the idea of looking at the auditor's site and checking out the tax value. Then you at lease have a comparison to make. Good luck!
0 votes Thank Flag Link Wed Nov 3, 2010
The listing price is deternined by the lender who who foreclosed on the home.
There is no particular guideline they use to determine the asking price. It may vary. Sometimes they have a BPO (Broker Professional Opinion) to determine the Fair Market Value and use that number to determine the asking price. Other times they have a full appraisal done. They may simply use the total amount owed on a first mortgage, or simply price it similar to other homes on the market that are comparable.

I do represent an abundance of short sales and forclosures, and would be happy to assist you in your search for the right property at the right price! Please call me! (614) 774-7982.
0 votes Thank Flag Link Wed Nov 3, 2010
The dollar amount of a foreclosure is the passed due amount on the loan. This information is typically published by RealtyTrac and Foreclosure Radar.com. The information is free and provided by the county recorder because all liens are recorded.
0 votes Thank Flag Link Mon Nov 1, 2010
Statistics come from numerous sources. Are you asking about a specific home with a specific dollar amount?

County records is the leading source for foreclosures. When a home is in default a notice is filed. The default can be a first lien holder, a second lien holder, association, property taxes, etc. If they are given the right to foreclose in the given state.

So if you read an article, blog, etc, refer to the source for of the information. Other sources, on the web may not be as reliable as your county records.
Web Reference: http://terrivellios.com
0 votes Thank Flag Link Sun Oct 31, 2010
For the most part, the dollar amount comes from the lender or investor who foreclosed on the home.
They may
> rely on the BPO (Broker Professional Opinion) for current FMV (Fair Market Value)
> rely on a full appraisal
> they may use total amount owed on a first mortgage
> they may just choose an arbitrary amount

For the most part I have never seen any backup data to support the total listed on the MLS offering.

Dawn O'Neal
Realty World Executive Advantage
Web Reference: http://www.DawnOneal.com
0 votes Thank Flag Link Sun Oct 31, 2010
I assume you're referring to the asking / list price and want to know how the bank determines and sets the list price. The banks will order BPO (Broker Price Opinions) and / or appraisals on the property after the foreclosure / auction sale. The banks usually order more than one valuation as they want more than one opinion of value. These valuations are performed by licensed Ohio Appraisers as well as local Realtors who perform BPOs for the banks. The banks will solicit these valuations before compiling and reviewing them before ultimately settling on a list price. When these valuations are very close to, or below market value these properties tend to sell quickly. If the value is set to high the banks will usually systematically price reduce the home until the property sells. Obviously if the home isn't receiving many showings at the initial list price the listing agent will contact the bank and suggest a price reduction to help increase activity. Time is of the essence with the banks and they prefer to sell their listings in less than 30 days. Please let me know if you have any additional questions we can be of assistance with!
0 votes Thank Flag Link Sun Oct 31, 2010
It's a very good question but difficult to answer. Foreclosure is actually a legal process and not necessarily a point in time. Depending on the report, the number could define how many homes are currently being foreclosed, how many homes that have been foreclosed or a combination of those two numbers. You will need to read deeper into the report to determine exactly what all is being considered (counted).
0 votes Thank Flag Link Sun Oct 31, 2010
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