Home Buying in 34209>Question Details

Nathaniel Se…, Home Buyer in Akron, OH

On a Foreclosed home what does it mean when its a transfer value of $1,000? Does that mean if i have $1000 i could buy this house?

Asked by Nathaniel Sedlak, Akron, OH Mon Jul 22, 2013

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A timeshare transfer is a process where a timeshare owner passes his timeshare unit to someone else. The owner transfers the timeshare to the other person, along with a new contract and the responsibility to pay all the annual fees.
0 votes Thank Flag Link Mon May 5, 2014
Nathaniel -

Typically on a foreclosure sale, the amount recorded when the plaintiff gets the title to the property and there are no other bidders, the sale is recorded at $100. If there is a transfer / sale amount for a foreclosure in excess of that amount, it generally indicates that someone other than the plaintiff was bidding at the foreclosure sale. For an amount this small, it was probably a timeshare or home owners' association foreclosure action. The transfer amount recorded is NOT an indication of market value nor is it necessarily representative of what the current title holder will accept to transfer the title to you. That said, it could be close depending on multiple variables. If you have details on the property address in question, reach out and I can look into the matter.

Best Regards,
Eric Johnson, Pres.
Expanse Financial, Inc.
941.713.9307 V
MoneyNFLA@aol.com
0 votes Thank Flag Link Sat Aug 3, 2013
Nathaniel:

The transfer value is what the foreclosing lender had to pay to obtain ownership of the property. It does not reflect the true market value of a property nor does it mean that the property is currently for sale.

If you can give me the address of the property about which you're asking I can let you know if it is for sale and for what price.

Karen Nicolls, Realtor
Atchley International Realty
941-713-4201
Karen@KarenNicolls.com
0 votes Thank Flag Link Tue Jul 23, 2013
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