Dave, thank you for providing more info about this property. Please let me know when this REO gets listed. I would like to receive listings of other condos in this area too. My email is nn_zhou@yahoo.com.

Thanks

Nancy,
You shouldn't rely on Trulia returned listing searches, they are not updated on a daily basis. That's good that you have a Realtor® (Dave) that is on the ball.
Dave can send you listings directly to your email address.

Good luck and happy house hunting,

Jes Sierra, B.Sc., Realtor®

Hi Nancy,

57 Shoreline Court is the only 2-bedroom 1-bath for sale on Shoreline Court. It is bank owned (REO) but is not yet listed for sale. If you like I can track it so when this one does come up for sale I can let you know.

Hi Nancy,
Thanks for the "Thumbs Up'. I try to provide straight answers. If you've been to my web site you've seen my motto "Nothing astonishes men so much as common sense and plain dealing" - Emerson

I can't find the one you wanted because the link gives me all the foreclosures in 94804. If you want to give me an email I can send you a link to the 11 units actually for sale in Marina Bay.

Here's a good chance to learn more about RealtyTrac (most probably the source of most of the 90 Trulia listings you saw). MLS lists 11 units for sale, ranging from $99,000 to $299,000. Five are short sales, five REOs and one by owner (the $299,000 one). The avg list price is $190,218.
In the last 90 days there have been six sales, from #121,000 to $230,000 - average $187,500. There may actually be a few more than eleven because sometimes REOs are assigned to out-of-the-area agents who don't include (maybe don't even know) the complex name in the listing. I do have another way to search, but I guarantee there will not by 90 for sale.

I hope you read the post about RealtyTrac from my fellow agent Carl Medford. This discrepancy between listed by RealtyTrac on Trulia, and actually for sale at this moment shows you a lot. Many times RealtyTrac will put one on Trulia that has only had a Notice of Default sent. That just means the owner is three or more months behind on payments. There's a long stretch between that and actually being for sale, if ever.

One more time. You really need to be working with a Realtor. I'd be happy to work with you, but please get someone.

Dave, thank you very much. Your answer is very informative.
So this listing is not a real listing that you actually can buy although it is listed as an REO.

There is another listed REO much lower than market.
http://www.trulia.com/foreclosure/2007023496--Marina-Lakes-D…
Can you find it from MLS?

I am interested in buying a condo in Marina bay. There are 90 homes listed on Trulia in this area. Most of them are at some stage of forclosure. Does that mean more REOs will come up in the future and drive price even lower?

The reason Jes couldn't find it on the MLS is that it's not for sale. Notice the last line of the entry - "Register at RealtyTrac for more details" That Trulia entry is from RealtyTrac to entice you to sign up for their service ($49.95) which provides information on real estate foreclosures. It's the same information that I (and many other Realtors, can give you for free). The amount on RealtyTrac listings represents the amount of the loan from one lender (there may be several) and is not close to what a home will actually sell for if in fact it ever comes on the market. This particular one is doubly interesting in that there is an apparent error in the SqFt listing. I seriously doubt if any two bedroom home is 8,730 sq.ft. The last sale on that street was $195,000 (1005 SqFt).

A fellow Windermere agent has written a full explanation of RealtyTrac. It's at
http://www.trulia.com/blog/carl_medford/2008/12/when_is_the_…

If you're serious about buying anything, you first need a good local Realtor. I'd be happy to help you.

Nancy,
Talk to a local Realtor®, I could find it on the MLS.

Best Regards,

Jes Sierra, B.Sc.
Realtor®