Home Buying in Mount Laurel>Question Details

Alighanbari98, Home Buyer in Mount Laurel, NJ

the pre forclosure prices that are listed are part of the home price or all of it?

Asked by Alighanbari98, Mount Laurel, NJ Tue Dec 18, 2012

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7
It is usually the amount that is owed on the mortgage, not the price it would draw if listed.
0 votes Thank Flag Link Tue Dec 18, 2012
What website are you looking at? If it's not the Multiple Listing Service then you may be looking at homes that are not even for sale. There are several services that publish lists of homes that are in some stage of the foreclosure process and the amounts that are outstanding on the mortgage. Those are NOT sales prices at all. Any home that is available for purchase, whether through a bank or from a home owner in distress, will be listed with a realtor and posted on the local Multiple Listing Service. So, if you want to buy a home in pre-foreclosure, the best thing you can do is find a good realtor to work with, someone who knows the foreclosure process and can help you through.
0 votes Thank Flag Link Tue Dec 18, 2012
Ali,
Much of what you see on aggregate real estate sites is 'fictional' in regards to presenting real estate as for sale that is not for sale. Publishing 'prices' that are complete fabrications. Such sites should be relegated for recreational purposes only. If you are serious about making a real estate purchase, you need to graduate to serious tools.
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Any Realtor in Mount Laurel, NJ can connect you to the resources that do not waste everyones time. Instead of chasing the illusion of homes for sale and the vapors of home sold long ago, you will have the opportunity to move to the front of the line and get early notification of the homes arriving on the market.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group,
Palm Harbor, FL
727.420.4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Tue Dec 18, 2012
The dollar value represented on a pre-foreclsoure notice is not an offering of that property for sale at that, or any price. The amount reflects the original loan amount extended to the property owner. The pre foreclosure notice is limited to publishing publicly available data on the original loan amount on the property on which a legal action has commenced. On a property valued at $200,000, a loan may have been secured for $196,000 or 96,000, or any other number. The loan amount does not determine the market value of a property. The supply and demand of properties offered, along with the active buyers and sellers in the market, determine the value of a property. When properties are sold short, the lien holder(s) can influence the values in a marketplace since their approval or denial of a sale determines the outcome.

Many property owners find solutions with their lenders and do not sell. Some property owners do sell, and will seek the highest value the market will bring. A REALTOR can help you ascertain whether the property of interest to you is actively on the market, or if the property owner might be willing to discuss selling.

If a property has a low loan amount, and available for sale, it does not mean the property will be sold at a low price. With a low loan amount, it is less likely to be a short sale, so the market forces of competitive properties, seller motivation and the number of potential active buyers will shape the outcome absent the influence of a lien holder.
0 votes Thank Flag Link Tue Dec 18, 2012
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
Contact
Would need to know more before answering. What property are we talking about? What was the source of the "price"? Is the home really being foreclosed on, or is it one of the many "pre-foreclosures" that aren't really getting foreclosed upon? Is it a "price" or an "estimate of value"?
0 votes Thank Flag Link Tue Dec 18, 2012
Pre-foreclosure prices listed are generally what the mortgage balance is for the 1st lien holder. There may be more than one mortgage on the property and there may be other liens against the property or the homeowner that will need to be satisfied upon a sale.

Also keep in mind that a home may be listed as pre-foreclosure on these websites but it does not mean the home is actually for sale and it may never go up for sale or to a sheriff's sale. Many homeowners work out a repayment program with their lender.

If you need further assistance or information, please get in touch, or search listings on my website listed below.

Barbara L Smith
Weichert Realtors
Direct: 609-980-7593
Voted "5 Star Professiona Realtorl" for Mt. Laurel
-Philadelphia Magazine Sept. 2012
Web Reference: http://www.BarbSellsSJ.com
0 votes Thank Flag Link Tue Dec 18, 2012
Would need to know more before answering. What property are we talking about? What was the source of the "price"? Is the home really being foreclosed on, or is it one of the many "pre-foreclosures" that aren't really getting foreclosed upon? Is it a "price" or an "estimate of value"?
0 votes Thank Flag Link Tue Dec 18, 2012
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