Home Buying in Camarillo>Question Details

Brenda Jaquez, Home Buyer in Camarillo, CA

'Ive seen 17 Norma Ct. for sale at 504,900 and on the realtytrac for 480,400. What is the real price? Why is there 2 prices?

Asked by Brenda Jaquez, Camarillo, CA Sat Jan 23, 2010

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The first price was suggested by Realtors who did a market analysis on the property. The higher price (this is a guess) was probably from the present owner, the listing agent and or because of a second mortgage co. that is trying to get some of their money back. Then again, they may just be starting at that price hoping some one would, at least offer the valued price. There are all kinds of thought put in to pricing a property including what a bank wants you to do!! I would develop a working relationship with a Realtor from a reputable company and have them show you an analysis of the market, comparing homes that have sold similiar to the one you're interested in. Good luck!!! Bob Boyter (Camarillo)
Web Reference: http://bobboyter.com
0 votes Thank Flag Link Thu Feb 4, 2010
Hi Brenda, I have been the local RealtyTrac representative for over 4 years in the East Ventura County and about 75% of my buyers purchased preforeclosure and REO (bank owned) foreclosures last year. RealtyTrac does not provide listings of homes for sale at their current asking price.RealtyTrac does provide delayed data from our County Recorders office about foreclosure data filings. The information varies based on how the bank filing the data does so. For example, sometimes the data shows the foreclosing amount, which appears to be the case here, of A lien. Sometimes, when the amount is smaller, it corrolates to a 2nd or 3rd lien or even just the amount of default on any lien.
By far the best deals to be had are by investors who have the stomach and the cash to purchase at the trustee sale. Most of the people I meet working with RealtyTrac need to use financing. So, if you arent already approved with a lender for financing, the very first thing it would be prudent for you to do would be to get approved with a big, direct lender, think Bank of America, Chase or Wells Fargo. These are the type of approvals that will benefit you most when trying to purchase an REO property if that is the right choice for you.
At the same time, start to develop a relationship with a Realtor who you can work with directly to get MLS Alerts for properties that meet YOUR criteria, The service is free and it is a better use of your time than hunting around on the internet for home because in addition to the homes on RealtyTrac not being really for sale quite often, Realtors use a "sydication" service to put information about homes for sale on Yahoo, Zillow, AOL, etc and once the homes sell, there is no way to end the "sydication" or call back the distributiion of the information. So, unfortunately, at this time, consumers pay the price by spinning their wheels getting excited about property that sold 5 months ago. If I can help you get started on the road to homeownership, even if you think it is a little premature it probably isnt, please contact me directly.
0 votes Thank Flag Link Sun Jan 24, 2010
Hello Brenda,
I specialize in the Camarillo Market, so I can assure you that any detached home, over 1500 sf, that is offered at $200./sf or better is LESS than what it would cost you to build it. I have a listing around the corner from this REO (Bank-owned) property, which does not need the TLC that this one does. Be very careful when considering REOs, as the disclosures are not required and you may be buying a Pandora's Box. Watch out for permit issues, septic tank issues, ground settling, etc. You may visit my website 24/7 to request a free Market Snapshot Report of homes near Norma Court in the Heights. This mapped report provides this week's housing market statistics and trends to help you better gauge market conditions.

Also, here's the MLS report for this detached ranch-style home:
0 votes Thank Flag Link Sat Jan 23, 2010
Hi Brenda,
As Heidi mentioned the currentl listed price is $504,900. Realty trac does not show the value the property will be marketed for, but usually the negotiated value back to the bank or the amount remaining on the loan. The bank must then add to that value in order to cover the marketing and selling costs.
I am a very active local agent that would love to work with you! I have extensive knowledge of Ventura County and have a very strong 25 year long appraisal background. This enables me to make sure that you do not overpay for a property and that you are able to feel confident that you are buying a property in the proper value range.
I would be happy to talk personally with you, meet with you and show you local properties at your convenience. Please check out http://www.venturahomesforsale.org. Check out my website and sign up for listing service for properties that are in the location and price range that interest you. I can also help you get prequalified with a local reputable loan agent. Being prepared before you shop is the only way to go. This puts you into position to move forward with an offer right away. No obligations....just preparedness!!
Many properties in the $300000-4000000 range are flying off the market right now with multiple offers. It is, therefore, imperative that you have done your homework and gotten prepared and ready.
Please feel free to ask me any further questions or concerns that you may have.
0 votes Thank Flag Link Sat Jan 23, 2010
This is a bank-owned property. It reverted back to the bank for the amount of $480,400. The bank is then turning it around and listing it for $504,900. Realtytrac tracks all the closed recordings on properties. Many times, these web sites like /Realtytrac or Zillow will even erroneously post refinances that have closed on properties that weren't even sold.
This illustrates a good reason to utilize the expertise of a local Realtor who is experienced in purchasing foreclosures. My partner and I just sold a similar home in the heights area and would love to help you if you would like to view this home. Best of luck!
0 votes Thank Flag Link Sat Jan 23, 2010
Hello Brenda,

17 Norma Ct is on the market for sale for $504,900 by a bonefide real estate brokerage company.

Many people confuse Realtytrac with those of us who are selling property. Realtytrac is nothing more than a "feed" of information telling people which properties are facing foreclosure.

If you want to purchase a home for yourself and your family, please call me if you are not already working with another realtor. I will set up an automatic email for you that will send homes directly to your inbox that fit your search criteria. The listings you will receive from me will be real, not "feeds of information". When you see something you like, call me and we'll tour the homes until we find the right one for you.

I am an excellent negotiator and won't stop working for you until we find you a property! You can search for homes at my website, too.
Web Reference: http://www.HeidiGolff.com
0 votes Thank Flag Link Sat Jan 23, 2010
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