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!!!!!
The Carrabba Group
Keller Williams Hollywood Hills
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.
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
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
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.