Jin Heur, Other/Just Looking in 91011

I just saw this house in La Canada district for $5600 at the link

Asked by Jin Heur, 91011 Thu Mar 12, 2009

http://www.trulia.com/foreclosure/2004076750--Santa-Inez-Way…

How can this be? Even if it's a REO property, are they missing 2 zeros or something? How can a house be so cheap? I just don't understand.

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Answers

9
It sounds like an "opening bid" for a foreclosure auction. If it sounds too good to be true...
2 votes Thank Flag Link Thu Mar 12, 2009
It's nothing more than a sales gimmick. The classic bait and switch.
1 vote Thank Flag Link Thu Mar 12, 2009
Jin:

Our local Multiple Listing Service indicates 28 current active listings under $1 Million in La Canada Flintridge.
Non of them are $5600. The lowest priced single family property is listed at $536,900. If you would like a list of them or any other properties, please e-mail me and I will forward you the report. Jeero@GlencrestTeam.com.

You can also visit our web site, GlencrestTeam.com, and search the MLS for listings.
Web Reference: http://GlencrestTeam.com
1 vote Thank Flag Link Thu Mar 12, 2009
Jin:

There is most definitely an error somewhere. I will research to obtain the address and post my findings in a little bit.
1 vote Thank Flag Link Thu Mar 12, 2009
Maybe that is a for a piece of the grass in front of the house.
0 votes Thank Flag Link Fri Apr 13, 2012
No such animal. Obviously an error or call bait from an unprincipled salesperson.
0 votes Thank Flag Link Tue Mar 23, 2010
Hi Jin,
Yes, foreclosure properties on (from) foreclosures.com and realty trac often have loan balances as stated list prices. There are also leases sometimes mixed in with sales price.
0 votes Thank Flag Link Mon Jan 4, 2010
You are welcome Jin!

Keep looking, La Canada is a fantastic area!
0 votes Thank Flag Link Fri Mar 13, 2009
Thank you so much for your replies. I'm glad I asked. Since my question, I've found out that Realty Trac often is inaccurate and that the price they list is the amount of loan defaulted, not the value of the home. Thank you again.
0 votes Thank Flag Link Fri Mar 13, 2009
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