Home Buying in Manhattan>Question Details

Josh Ryan, Both Buyer and Seller in Manhattan, KS

Are the "foreclosed" homes on Trulia and Zillow jokes...?

Asked by Josh Ryan, Manhattan, KS Thu Jan 3, 2013

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Daren Lee Lewis’ answer
It looks like Scott and Suzanne did a good job of answering this question. However, if you'd like to speak with a Manhattan, KS Realtor about homes Manhattan has to offer, please give me a call at 785-341-6037.
0 votes Thank Flag Link Sun Feb 3, 2013
Josh pretty much if you are look at the Realty Trac ads posing as listings. They are actually not homes for sale and those are not the asking prices,. they are simply homes in the foreclosure process that they want you to subscibe to their service for more information. So yes it is a joke and no it is not a home actually for sale and no that is not the list price you see.
0 votes Thank Flag Link Thu Jan 3, 2013
I think you are looking at posts from a site called Realty Trac. Those homes are, indeed, foreclosed or in pre-foreclosure status. However, they may not be available for purchase and the 'price' you see is not the asking price, it is the amount that was owed to some bank at the time the bank either foreclosed on the home or began the foreclosure process. Some of these homes have multiple mortgages and/or liens filed against them so, if you are seeing a second or third mortgage the amount may be very, very small. It's very misleading.

If you want to purchase foreclosed properties or properties in pre-foreclosure status, find a good local realtor with experience in these types of transactions and work closely with that agent. The ONLY way for a consumer to purchase one of these properties is when the owner, whether it be the bank or the current owner and mortgagee, decides to list it for sale with an agent. And those are the facts, plain and simple.
0 votes Thank Flag Link Thu Jan 3, 2013
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