Property Q&A in La Playa>Question Details

Andre Hanna, Home Buyer in New York, NY

Hi, I'm from Brazil and I don't understand very much of Foreclosures. Please, is it possible for me to buy a home like this for this price??? Thanks

Asked by Andre Hanna, New York, NY Wed Jan 30, 2013

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Is it just me, or would it be nice if Trulia STOPPED publishing pre-foreclosure data. The folks that can actually use this information don't get it from Trulia, which leaves all the rest of the people who get suckered into thinking they can actually buy this home for the loan amount owed. Trulia is playing to this ignorance and it's quite annoying!
1 vote Thank Flag Link Wed Jan 30, 2013
Hi Sheryl, except even my actual clients come to me and say, I saw such and such on Zillow, or Trulia! If you prefer the bait and switch way of attracting leads, then great, this is a wonderful tactic, but I'd prefer the person inquiring not be "fooled" into making an inquiry.
Flag Mon Feb 4, 2013
Good Afternoon Andre,

As everyone else has mentioned this paticular property is just in the begining stages of the foreclosure process and may never foreclose or be available for purchase by the general public. Because Notices of Default are public records they get published as an enticement. While many short sales begin in this manner, it is a more difficlut process than just identifying a property in default.
Searching for a bargain in this manner certainly can be done, it just requires a lot of savy and market knowledge as well as flexibility as far as making offers, and having solid financing available. Typically investors who are very accustomed to the process and have quick and ready capital snap these properties up.
You could make offers on short sales that have already been listed and put on the mls. That would be your easiest way to get a bargain. You will still run into investors making cash offers on the best of these properties but you stand a chance to get a good deal if you have financing in place and are ready to move on a property once you locate it. As Sheryl mentions below, your first course of action is to line up a good lender and understand your position and the financial responsibilites as a foreign investor.
Be aware however, that getting property under $200,000 in the Point Loma area , which is where my office is located, is going to be nearly impossible. However there are about 300 properties in that price range currently on the MLS; studio condos in the east village, mobile homes, and homes in outlying areas. Good luck in your search and I would be glad to assist you in locating short sale or conventional properties that suit your needs.

Best Regards,

Maureen Hanley
0 votes Thank Flag Link Wed Jan 30, 2013
HI Andre,
Unfortunately, large mega websites like this are baiting people with confusing information. There are many Homes for Sale that you could certainly purchase, however, the one you asked about is not for sale. Foreclosing a Home is a process that takes many months-and that process takes place long before you would ever be able to purchase it.
If you want service and information that is truly useful please see my site. I am local to San Diego and gauge all of my success on your success.
Thank You!
Shane Pliskin
The San Diego Homes Team
0 votes Thank Flag Link Wed Jan 30, 2013
Certainly there is a way for you to buy a property. The property you are looking at is not for sale. This is information from a public notice that the loan is in default and that a foreclosure is now in process. The banks has begun a process to take the home back as collateral on the loan they extended to the owner. If you are interested in buying a home, you are best served by working with a Realtor who can help you identify property and direct you to a lender who can assist on the financing. If you are looking in the San Diego Area, I would be happy to help.
0 votes Thank Flag Link Wed Jan 30, 2013
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