Home Buying in Martinez>Question Details

Chris, Other/Just Looking in Martinez, CA

It was not the only home that went up on shadowfalls dr . another went from 286,000 to 334,000 .

Asked by Chris, Martinez, CA Thu Jan 8, 2009

These two homes changed prices to a higher rate at the same time ,and yes they are both bank owned,but did not say short sale .

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Chris, I'm not sure where you got those prices on what properties (but I'd be glad to verify them for you), but if you got them from RealtyTrac the prices are very misleading. The best post on why you don't want to pay any attention to RealtyTrac is from Carl Medford. In short, the price they post is the outstanding amount on one of probably two mortgages on a property, which is nowhere near what the home will sell for if and when it actually comes up for sale. Most RealtyTrac listings are not actually for sale today.

Carl's great explanation is at:
http://www.trulia.com/blog/carl_medford/2008/12/when_is_the_…
0 votes Thank Flag Link Thu Jan 8, 2009
Hello Chris,

Short sale properties are not yet owned by the bank. A short sale is a property that the owner wants/needs to sell for less than the amount owed and the seller negotiates with the buyer for a purchase price, then applies to the bank to sell at the shorter rate. There is no certaintly that the bank will approve the sale. The bank may accept, reject or counter the offer. Many short sales do not close, but end up going through the foreclosure process, coming back as bank-owned homes at a later date.

Kindest Regards,
Vickie Nagy
CA License # 01363932
Realtor® - ABR, CRS, e-PRO, GRI, SRES
Specializing in "GETTING YOU WHERE YOU NEED TO BE"
(925) 407-7987 cell
http://www.VickieSellsHomes.com
http://www.BestTriValleyHomes.com
Empire Realty Associates, 380 Diablo Rd, Danville, CA 94526

A bank owned property is just that, bank-owned. It has been through the foreclosure process and is now solely owned by the bank.
Web Reference: http://vickiesellshomes.com
0 votes Thank Flag Link Thu Jan 8, 2009
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