Home Buying in Simi Valley>Question Details

Michelle Wes…, Home Buyer in Houston, TX

How is it that Truila is reporting 4-500,000 homes that are selling for $95K or $45K. Is this for real?

Asked by Michelle Weston, Houston, TX Tue Oct 4, 2011

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8
Trulia posts homes from RealTrac. RealtyTrac is a public records mining company. They mine data related to foreclosures and pre-foreclosures. When RealtyTrac property is on Trulia the price is the amount of the Loan in default typically. Sometimes that could be a home equity line of credit or a 1st deed of Trust.

What ends up happening is that it looks like there are properties for sale way below market prices when those properties are really in some stage of the foreclosure process.

If you are looking for information about Simi Valley and the surrounding areas, please check out my Blog link below.
Web Reference: http://www.HomeBuysBlog.com
2 votes Thank Flag Link Tue Oct 4, 2011
This is an excellent question, Michelle. There are homes in a plethora of cities in the US that actually DO sell for $100,000 or less, all the time. Possibly, these are the numbers and sales figures you are discovering? So, in answer to your inquiry: 'Is this for real?' - YES - It's for REAL ESTATE. Simi Valley CA tends to be higher in price, beginning closer to $150K and up over $1,000,000. ... See daily NEW LISTINGS at the link below, or learn more about Simi Valley at Todd's website oe visit: http://www.findsimivalleyhomes.com/
2 votes Thank Flag Link Tue Oct 4, 2011
Hi Michelle,

Just like the old saying, "if it sounds too good to be true..." What I have found in the past is that some of these third party websites will list that there are homes for sale for some ridiculously low price, when in fact, what that price reflects is the amount owed on the home. For this reason, among many others, I always insist that my clients use my website for ACCURATE and current info on homes. Please feel free to do the same at the website listed below. I live and work in Simi Valley and could assist you with any and all of your needs.

Good luck!

-Todd Kaufman
2 votes Thank Flag Link Tue Oct 4, 2011
Trulias data comes from a variety of different places and with so much data there is bound to be inaccuracies. As a potential home buyer you would be better served by finding a local realtor to help you find the right home. This should eliminate any frustrations you have with the inaccurate data.

Good Luck
1 vote Thank Flag Link Tue Oct 4, 2011
They are probably Shadow listings, meaning they are in pre-foreclosure and the amount due on the note is 95k or 45k. If they were to be listed for sale, they would probably be on the market for more. If you want to post a link or address, someone can be more specific as to the actual reason for the discrepancy.
0 votes Thank Flag Link Tue Oct 4, 2011
Hi Michelle,

Here's the thing - a home that WAS worth $500,000 is selling for a lot less here in Ventura County now - BUT there is no way that any property that was worth $500,000, or for that matter $400,000 or even $300,000 back at the top of the market - is now selling for $95,000. There are condos that were worth $325,000 that are now selling for $76,000 (I just sold one) but they are in a run-down complex and the buyer must pay all cash because you can't get a loan.
Our prices are amazingly low, but here in Ventura County we have seen some increases. The deals are all over the place - hey it's the beach and it's ON SALE for half price! but your best best, as one of the other Realtors who answered said, is to find a good local Realtor to work with (and just choose one, please) and have them show you the "sold" comps so you can start to learn the real values here. I would be happy to help.
0 votes Thank Flag Link Tue Oct 4, 2011
Michelle,

Most likely these homes you are talking about have no address listed. If so, these are usually posted by realty trac and are properties that have had notices of default filed and the amount listed is how far behind they are on their mortgage. They won't give you the address unless you subscribe to their service.

If you want the most up-to-date, accurate list of properties for sale use your local MLS public site or have an agent/broker set you up with one.

Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425


Best Regards,

Lance King/Owner-Managing Broker
lance@fixedrateproperties.com
415.722.5549
DRE# 01384425
0 votes Thank Flag Link Tue Oct 4, 2011
Michelle it could be that your search is too wide of an area. You can use teh advanced search box to limit it to 1 city, town or even a zip code.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Tue Oct 4, 2011
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