Home Buying in 84790>Question Details

Rachelle, Home Buyer in Saint George, UT

What is the transfer price for a foreclosed home? Is that the price to buy the home?

Asked by Rachelle, Saint George, UT Sat Nov 10, 2012

I have been looking through the foreclosed homes on this site and ran across one with a Transfer Price of $6,657. But the house I know under a normal sale would easily value between $250, 000 and $300, 000. Is the $6,657 an additional fee or deduction or is that the price of the home if I were to buy it out of foreclosure? If this $6,657 is the price of the home altogether...I would buy this house without a second hesitation because I know the property is in a great location, its a fantastic house and this area is very requested so a resale at a normal price would be cake..This house would be a huge investment!! I'm just not sure how foreclosures work, and this sounds way too good to be true!

Help the community by answering this question:

Answers

2
This is the amount the owner in default purchased the property for. For bank-owned property, this is the amount the foreclosing lender bought back the property at auction forwhich is the amount the foreclosing lender was owed which I assume is the case on this home.
1 vote Thank Flag Link Sun Nov 11, 2012
I would ask a lawyer - it's probably an additional fee you have to pay at closing
0 votes Thank Flag Link Sun Nov 11, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer