Home Buying in Clayton>Question Details

Slowfoodisgo…, Home Buyer in Concord, CA

Why are so many homes for sale in Clayton Foreclosures?

Asked by Slowfoodisgood, Concord, CA Fri Jun 22, 2012

I am looking for a home in Clayton but most of the ones I click on Trulia are Foreclosures and if I want to know more about them I have to join RealtyTrac. That feels like a scam or something. If a home is truly bank owned and for sale, wouldn't it be on the MLS?

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Answers

2
First of all, if you're looking to buy a property, your best bet is engage a realtor to help you, and/or to go to Realtor.com to see what properties are actively offered for sale.

Realtytrac provides information on properties that have received notices of default/trustee sale. However NOT all of these homes are put up for sale since some of the property owners find a way to resolve their delinquencies.

And yes...once the bank forecloses on a property, they typically engage a realtor to list it on the MLS when you and your agent can find out more information like how much it foreclosed for, what it is listed at, what concessions if any the foreclosing bank i offererng.

Just to satisfy your (and my) curiosity, I looked at what's actively offered for sale in Clayton as of this writing

15 homes
2 are bank-owned
4 are short sale

What sold since January 1
78 homes
16 were bank-owned
26 were short sale

What are pending as of this writing
64 homes
3 are bank-owned
33 are short sales

Hope this helps
0 votes Thank Flag Link Fri Jun 22, 2012
Nice stats, thanks for posting that. When searching on Trulia for homes for sale in Clayton it comes up with pages and pages of foreclosures first .... it doesn't say how many that totals and I am too impatient to browse each page and count, but it sure is a lot. I was told banks are being paid incentives to sell to investors who would rent back the property to the current owner. I think banks should be paid incentives to, if they are selling, sell to owner-occupiers only -- or at least open it up to them for two weeks first like HUD does.
Flag Sun Oct 28, 2012
No, not necessarily. You have to realize what you're reading when you see RealtyTrac or other foreclosure homes. They are in some form of foreclosure and it could be as simple as a notice of default went out... as those are public notices that realty trac and others track and report. However, that does not mean that house will ever go on the market. The owners may be getting a loan modification, or a refinance or other resolution. Or, it could come on as a short sale.. it could BE on as a short sale but already pending which is why you may not see it among active listings. And sure, it could ultimately foreclose (which could take months or a year or more) and then it will be on as an "REO" and be listed on the MLS, etc. Homes in Clayton go VERY quickly so you have to be quick while watching for the listings you're interested in.

Hope this makes sense, but the realtytrac information doesn't offer a whole lot of meaningful information for an active buyer as you'll need the services of a good realtor to tell you if the home is foreclosing, short selling or possible working on a resolution w/ their bank.

Good luck.

Catherine Myers
http://www.diablovalley.net

(P.S. I live in Clayton myself!)
0 votes Thank Flag Link Fri Jun 22, 2012
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