Home Buying in Los Angeles>Question Details

david-da-dude, Both Buyer and Seller in New York, NY

Okay, let me re-phrase My question: So, the link below is a Trulia.com link for a house in forclosure in Beverly Hills for $360K, It's estimated

Asked by david-da-dude, New York, NY Mon Jul 22, 2013

value

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7
David,

This is how it is. I need to bring you down a bit, there is no pie in the sky. ok?

This is how Trulia & other websites might be promoting or showing foreclosure properties. Most are NOT ON THE MARKET.

Bank owned properties that are NOT ON THE MARKET Yet, can be showing an amount of one of the loans that was foreclosed on. ONE of them, maybe it was a 2nd or a 3rd lien.

For properties that are showing as a "Pre-Foreclosure" or Notice of Default, much of the time they're showing ONE of the loan balances OR maybe not event that. Sometimes what's being shown & what you're incorrectly interpreting as an "asking price" or "list price" is an amount by which an owner is in "default by". As in there is $500K in Late Payments.

You will NEVER EVER EVER EVER EVER get a home in Beverly Hills for $500K that is really worth $4.5 Million. You won't even get a Burned out house in Beverly Hills for $500K in which you could flip for $4.5M in a year, without having to build a mansion on it first.

If you would like to start out a little bit smaller & look for some other investment properties in a price range you can afford, you let me know. Work your way up to playing with the big dogs in Beverly Hills.

I don't look back on this same Trulia posting for answers after mine.

Emily S. Knell
EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Realty ONE Group
1 vote Thank Flag Link Mon Jul 22, 2013
I have done many foreclosures and short sales. They can be very difficult and you never know until the last minute if you have the property. Why would you want a foreclosure?
0 votes Thank Flag Link Mon Jul 22, 2013
Do you know anything about the foreclosure process?
The amount listed is probably what is owed. More than likely this property will never go up for foreclosure. Should it, there will be many bidders and they will drive up the cost. The Bank itself will probably send someone there to bid to make sure the property does not sell below a certain value.
0 votes Thank Flag Link Mon Jul 22, 2013
do not know of anything that would sell that low
0 votes Thank Flag Link Mon Jul 22, 2013
I doubt that you can find a small building with a half-moon in the door for $360.
On second thought, maybe you can.
0 votes Thank Flag Link Mon Jul 22, 2013
If it is in foreclosure then you can't just go buy it. If it went through the foreclosure and that is over, then it is no longer in foreclosure and you might be able to buy it and it is likely a bank owned home. If it is in foreclosure then you have to pay cash for it at the public auction to buy it.
0 votes Thank Flag Link Mon Jul 22, 2013
David...there is no link attached.
0 votes Thank Flag Link Mon Jul 22, 2013
here it is :
http://www.trulia.com/foreclosure/3119361011--Hutton-Dr-Beverly-Hills-CA-90210
Flag Tue Jul 23, 2013
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