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.

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

Generally speaking,

That is the remaining balance of the 1st mortgage, or tax lein

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.

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.

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

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