Foreclosure in Chula Vista>Question Details

REI_beginner, Other/Just Looking in Chula Vista, CA

Why are the foreclosed properties priced so low?

Asked by REI_beginner, Chula Vista, CA Thu Aug 15, 2013

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There are currently 5 foreclosures for sale in Chula Vista. Ranging from a 5 bedroom, 6 bath, 3993 square foot home listed for $749,000 to a 3 bedroom, 2 and ½ bath, 1296 square for condo listed for $251,575. There are 245 non-foreclosure sales with homes ranging from a 6 bedroom, 6 bath, 7724 square foot custom home listed for $2,499,000 to a 2 bedroom, 2 bath, 842 square foot condo listed at $160,000.
List prices of the homes in the 3800 to 4200 square foot homes in the area range from $629,000 to $945,000. Condos between 1100 and 1300 square feet range in price between $245,000 and $329,000.
Click the link in the web reference below for the list and details of the foreclosures currently listed in Chula Vista. If you ask me, they aren’t priced really low when compared with other homes. Especially when you factor in the generally lower condition that foreclosures are in and a banks unwillingness to do repairs on a property it has taken back.

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
(619)929-0105
1 vote Thank Flag Link Thu Aug 15, 2013
I wrote a blog about "Finding Foreclosed Homes on Trulia" just last week. I'll put a link in the web reference. That should answer all of your questions.

J.R. Thrasher
http://www.SanDiegoRealEstateVeterans.com
619-929-0105
0 votes Thank Flag Link Wed Sep 11, 2013
All homes true values (not the price listed) are based on comparative homes sold locally. The price can really be set at any thing, but this has no bearing on what the home sells for. One tactic that is used some times is pricing the home considerably under the true market value in hopes that it will generate buzz and many bids. These homes will often sell far more than the original "listing" price.
0 votes Thank Flag Link Thu Aug 15, 2013
Hi there,

When you see foreclosed properties on sites like this, when the status actually says In Foreclosure, it's not a foreclosed property for sale. The number you see isn't a price, it's the amount owed to the bank.

As an investor, this is your starting point. Now you must track it to see if it ever goes to auction, where it'll be purchased by an investor or other cash buyer, or go back to the bank if it didn't get a buyer. If it does go to auction, the starting bid will be close to what you see here, but will include fees. The bid amounts will then go higher and much closer to market value, but under it enough to make a profit.

Hope that helps!

Regards,

Cory La Scala, REALTOR
Independence Realty
619-825-6421 Direct
619-884-3452 Cell
c.lascala@cox.net
Lic # 01443391
0 votes Thank Flag Link Thu Aug 15, 2013
If you are looking at preforeclosure properties on sites like Realty Trac this is not the price the property would sell for but rather the amount the owner is delinquent.
Good luck,
0 votes Thank Flag Link Thu Aug 15, 2013
Foreclosures really are not the best buy out there usually. You have to take on the responsibility of all the fixes, so by the time all is said and done, you may be paying more than if you bought a home from a regular seller.

If you look at foreclosures, be sure to get a physical inspection and determine the costs before you complete your purchase.

Have a great day, and if I can help you, let me know.

Joan Wilson, 760-757-3468
Pacific Sotheby's International Realty
0 votes Thank Flag Link Thu Aug 15, 2013
It could be due to the property condition. It could be to the listing agent is trying to start a bidding war. Email me the property address, and I'll take a look. baarestad@pcrcc.com


Regards,

Brian Aarestad
Prudential California Realty
Home Services of America, A Berkshire Hathaway Company
Cell: 858-525-3262
Fax: 619-521-0100
DRE # 01839557
baarestad@pcrcc.com

Your referrals determine my success. Please tell your family, friends and co-workers about me.
0 votes Thank Flag Link Thu Aug 15, 2013
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