Mvwegter, Home Buyer in Clairemont Mesa West,...

price shown on foreclosures what does that mean balance left on loan?

Asked by Mvwegter, Clairemont Mesa West, San Diego, CA Fri Apr 23, 2010

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2
Cathi & Ben Walter’s answer
If the property is actually bank owned, meaning the bank has already foreclosed on the property, the price does not necessarily reflect what was owed. Banks go through an extensive valuation process prior to foreclosing on a property, if the market cannot support what was owed - they will take the loss and list the property to sell.

If the property is still owned by the homeowner, but market value is less than what is owed, the house is probably listed at market value, NOT what is owed. The "Short" offer will be submitted to the bank for approval to sell for less than what is owed.
0 votes Thank Flag Link Fri Apr 23, 2010
Pre-foreclosures listed as a short sale mean that the asking price is lower than the current mortgage balances. It is difficult to know what the actual current balance is, but you can look up the original mortgage documents in the public records.
0 votes Thank Flag Link Fri Apr 23, 2010
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