Home Buying in 44012>Question Details

Brian, Home Buyer in Avon Lake, OH

The price listed by Realtytrac is not always the price, it is the amount owed to the bank. Does this mean?

Asked by Brian, Avon Lake, OH Fri May 9, 2008

you can buy it for the amount owed to the bank?

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Paul Drury’s answer
Kudo's to Dune for providing the link. Anone interested in pursuing "deals" should know full well that it is still buyer beware, and they should still have a special relationship worked out with a real estate professional who can evaluate the opportunities.
Web Reference: http://www.druryrealty.com
0 votes Thank Flag Link Tue Dec 1, 2009
Perhaps anyone interested in this question would also appreciate this question/thread

0 votes Thank Flag Link Tue Dec 1, 2009
The 'price' on RealtyTrac is the amount to pay off the defaulted loan that is being reported. This may be the only loan on the property, or there may be several loans, making this only part of the picture. Homes on RealtyTrac are not really for sale, they are just at some point in the foreclosure process.

Remember that not all homes that are in the foreclosure process end up being foreclosed on. Many homeowners arrange workout programs with their banks and thus remain in their homes.

When banks foreclose on a home, they will typically list it for sale with a Realtor, who will end up being responsible for taking care of the property as well as marketing it to potential buyers.
0 votes Thank Flag Link Tue Dec 1, 2009
The best answer I can give you is to contact a realtor in the area and have them research it. Not only can they get the bank situation but they can get a feel where bottom line may be.
0 votes Thank Flag Link Mon Nov 30, 2009
Sometimes it may mean that the amount owed is what the sellers will take. Sometimes it means the price cannot drop anymore without it becoming a short sale. Each situation is different and unique. Call you own real estate consultant to find out that information. If you do not have one, consider interviewing me for that. I can be reached at 440-385-5650 or by email at paul@druryrealty.com..

Paul W, Drury
Broker / Consultant
Keller Williams Realty
Greater Cleveland West
Web Reference: http://www.druryrealty.com
0 votes Thank Flag Link Wed Nov 11, 2009
Not necessarily. It may go for more or less depending on the comps and the condition. A realtor can help you put a price together based upon many factors. Hey, my daughter lives in Avon Lake. Great place.....
Web Reference: http://www.liveinakron.com
0 votes Thank Flag Link Fri May 9, 2008
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