Foreclosure in Eagle Rock>Question Details

Marcus Villa…, Home Buyer in Montecito Heights, Los...

Why would a home be listed for sale for $5000-20000 ??? regardless of location. Existing liens or just typos???

Asked by Marcus Villamar, Montecito Heights, Los Angeles, CA Tue Mar 30, 2010

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Jeffrey White’s answer
Yup, Richard is correct. These amounts for a los angeles property are either a default amount (from a NOD filed) or a lease property. The easy way to tell is if the place is a gorgeous property in Beverly Hills and it's 20,000 then it's obviously a lease price, per month. If it's a property that is more entry level it is most likely a NOD but also could be a starting bid of an auction, or a few other possibilities.

Main thing to take away here is you should consult a realtor and they will let you know the best place to look for listings that are real and not just NODs that aren't actual live listings at all.
1 vote Thank Flag Link Tue Mar 30, 2010
If you are seeing this on Trulia, and it's a RealtyTrac listing, chances are this is NOT the actual list price of the property. RealtyTrac notoriously posts low prices which they sometimes get from the Notice of Default or liens. They are not the actual prices, but are intended to lure you into their site and pay their fees. You can find out the actual prices by getting in touch with an agent who can check the MLS and send you actual listings.

I've also seen mistakenly low prices on here from properties that are posted for Lease on the MLS and they show up here for sale as the price that is actually intended to be the $ amount per month.

If you need help finding out actual prices, or want to find out about homes available in your area, please feel free to contact me.

Richard Schulman
Keller Williams Realty
#1 Agent KW Westside 2007, 2008, 2009
(310) 482-0173
schulmanrd@yahoo.com
1 vote Thank Flag Link Tue Mar 30, 2010
Deborah, you said "While I disagree with those below who state that this is "intended to lure you into their site and pay their fees"if you are uninformed about their sources, you may feel that way."

This is actually a bait and switch approach which is illegal. Look below to see more.
http://www.trulia.com/voices/Using_Trulia/Does_trulia_know_w…
Per The Federal Trade Commission
http://www.ftc.gov/bcp/guides/baitads-gd.htm
Sec. 238.1 Bait advertisement.
No advertisement containing an offer to sell a product should be published when the offer is not a bona fide effort to sell the advertised product. [Guide 1]

Sec. 238.2 Initial offer.
(a) No statement or illustration should be used in any advertisement which creates a false impression of the grade, quality, make, value, currency of model, size, color, usability, or origin of the product offered, or which may otherwise misrepresent the product in such a manner that later, on disclosure of the true facts, the purchaser may be switched from the advertised product to another.
(b) Even though the true facts are subsequently made known to the buyer, the law is violated if the first contact or interview is secured by deception.
0 votes Thank Flag Link Mon Apr 19, 2010
Realty Trac is posting their raw data, and performing a real service. While I disagree with those below who state that this is "intended to lure you into their site and pay their fees", if you are uninformed about their sources, you may feel that way. A tax lien that goes unpaid will look relatively small compared to the actual value of the home, but is valid information that should, and is posted. Same with a small personal loan.
Your best bet, Marcus, is to find a good local Realtor, preferably certified in short sales and foreclosures, who will help you find a real value in this market, and interpret the raft of data that is out there right now.
Best of luck,
Deborah Bremner
REALTOR, 00588885
(D) 818.564.6591
TheBremnerGroup@gmail.com
http://TheBremnerGroup.com/blog
0 votes Thank Flag Link Mon Apr 19, 2010
Richard hit the nail on the head. RealtyTrac posts seemingly random information about properties in some kind of default and lowballs the price by huge factors, that is, if the property ever does actually come on the market for sale. As you hinted at, obscure 4th liens have a way of showing up on RealtyTrac as some kind of distress sale. The likelihood of a property being offered on the market for sale at that price is nil, after all we all have the internet now, right?

At the end of the day in Real Estate there's no such thing as a free lunch. That being said, if you can find what no one else can find then there are limitless opportunities for profit. If you have any questions about any property in LA county feel free to contact me.

Thanks!
SKY MINOR
Cell 310-709-8283
Efax 888-866-8798
http://www.skyminorrealestate.com
0 votes Thank Flag Link Tue Mar 30, 2010
I would say yep, to both of those (existing liens and/or typos).
0 votes Thank Flag Link Tue Mar 30, 2010
Sometimes an MLS will list a home that is actually for lease. Those may be monthly rates. However, there are many cities that DO have homes in some areas that sell for prices like those. I know we do in Louisiana. If it is an neighborhood with high crime and no one wants to live there, homes end up with prices in the extreme low end of the spectrum because of owners desperate to sell, bank repos that no one wants, or property in terrible condition. The world we live in.
Web Reference: http://www.MaryKayYoung.com
0 votes Thank Flag Link Tue Mar 30, 2010
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