Foreclosure in 90210>Question Details

Brittneybabe…, Other/Just Looking in 90210

why are some foreclosres so cheap? (example) house is 50,000 $ are there additional charges added?

Asked by Brittneybabe995, 90210 Sat Jun 6, 2009

it's 50,000 dollars or is there additional charges added???

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Hey Brittneybabe,

When you see foreclosures that are $50,000 that's usually only one of the loans on the property. The other loans could be a lot more. If you purchase a property at a foreclosure sale you have to have all cash. No loans and it's very risky. You also could get the loans on the property. Your best bet is to buy with an agent as a short sale or REO (once the bank owns the property). When you see crazy deals like $50k for a home in Beverly Hills it's usally not a real sale as the owner owes more on the property than that.

If you need help in your search for a home/short sale/REO-Bank Owned property. Let me know.
I love your user name BTW. Cute!!!!!
Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
(323) 899-2900
mcarrabba@kw.com
0 votes Thank Flag Link Sat Jun 6, 2009
These are not the prices of the homes. Usually when you see these prices it is on Realty Trac or some other site trying to tempt you to subscribe to their service. If it looks too good, it is.

Good Luck,
Dyanna
1 vote Thank Flag Link Sat Jun 6, 2009
Thank you for your question about unusually low foreclosure price listings. Please be advised that if it looks to good to be true it probably is. Many times an unusually low foreclosure price represents the amount the homeowner is behind on their mortgage or some other lien on the property.

RealtyTrac and Foreclosure Radar .com publish loan and lien information about properties in judicial foreclosure. Therefore, if you saw an unusually low price on a RealtyTrac listing the amount probably represents a default loan or lien.
0 votes Thank Flag Link Fri Nov 5, 2010
Home prices are sometimes economical based on numerous factors.

1 - The home has massive repair needs, roofing, plumbing, gas leaks, foundational troubles, you name it
2 - The home may be in a severe flood or fire area, that is a prone to numerous situations that should make future home buyers proceed with caution when considering this town or community
3 - The home could be a location of a horrid crime scence
4 - The home could be advertised at a facticious price in an attempt to obtain offers and once the offers are obtained and submitted to the bank, the lender will decide the actual amount the home will sale for
5 - The advertisers are falsifying the true price. Contact a Realtor for true comparable prices in the area, to discover what the homes are really selling for. Your Realtor can also help you find a true deal at a great price!

If you require additional real estate help, visit us at: http://losangelesrealestatenow.com
0 votes Thank Flag Link Thu Oct 21, 2010
That is ridiculous. It's either a complete joke or a lease. There are plenty of expensive leases offered at $50,000 a month. We have some oceanfront leases in Santa Monica that go for $28,000 to start depending on the length of stay. Thanks, Solomon Team (310) 979-3798
Web Reference: http://www.larealtor4u.com
0 votes Thank Flag Link Tue Apr 6, 2010
That's actually really funny. Unless it was a small piece of steep unbuildable sloped land in Benedict canyon there is nothing for sale in Bevery Hills for this price. Are you sure it wasn't a $5,000,000 foreclsoure? That would make more sense. Tear downs in the flats are selling for about $3m and the less expensive pockets of Bevery Hills, South of Olympic or BHPO small houses with no land or small lots start at about $1m. There's a fixer house on Clifton Way that just came on the market for $999,000 this week and the lot is 5,100 square feet.
0 votes Thank Flag Link Wed Sep 2, 2009
hi Brittneybabe
This is not the amount the property will sell for. It is the amount of loan currently outstanding.
Hope this helps.

LA Real Estate Group
Keller Williams Realty - Hollywood Hills
Lou Arakelian
Alex Golshan
info@MyLARealEstateGroup.com
http://www.MyLARealEstateGroup.com
0 votes Thank Flag Link Sat Aug 29, 2009
Generally speaking,

That is the remaining balance of the 1st mortgage, or tax lein
0 votes Thank Flag Link Sun Jun 7, 2009
someitme that is the amount the owner is behind in their payment. It has nothing to do with what the property will sell for or what is owed on it.
0 votes Thank Flag Link Sun Jun 7, 2009
Foreclosures sometimes have additional fees added but that varies from state to state and lender to lender. Your Realtor and your own lender should be able to give you a good close estimate of your closing costs.

You should also have the home inspected by a licensed professional inspector because foreclosure homes as sold "as is" and not all defects are visible to the untrained buyer. Repairing faulty wiring or structural problems, for example, could add thousands of dollars in costs before the home can be safely and comfortably inhabited.

Good luck with your purchase. There are some excellent bargains for well-informed buyers.
0 votes Thank Flag Link Sat Jun 6, 2009
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