Property Q&A in Bushrod>Question Details

Emilie Verbi…, Home Buyer in Oakland, CA

Hi, We 're interested to know more about this house or visit it if it's possible. I'm in holiday so I got time. Thank you for your answer, Christophe

Asked by Emilie Verbinnen, Oakland, CA Fri Dec 28, 2012

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This question was asked from this property: http://www.trulia.com/foreclosure/3087224163--61st-St-Oaklan…

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Guess what … if the listing has the logo for RealtyTrac ...

Then what you are seeing is NOT an actual listing … it is an advertisement for RealtyTrac.

RealtyTrac is a provider of data for distressed homes. This data is used by investors and Realtors to track distressed homes. When you see the RealtyTrac logo, you are not looking at a home that is actually available for you to buy: what you are seeing at is either (1) the notice of default for one of the mortgages on the property in question, (2) a notice of an impending trustee sale or (3) a notice of a completed trustee sale.

RealtyTrac notices can be very deceptive because they usually give loan amounts, not the purchase price or fair market value. When and if this particular property hits the market, it will be at market price for the neighborhood.

Bottom line: RealtyTrac is trying to get you to sign up for their service.

The following links may be helpful:

When Is The Price Not The Price?
http://bit.ly/p11iq

It’s Too Good To Be True: REALLY – Top 4 Buyer Myths
http://bit.ly/4PKTHT

If you want to know when these or similar properties will actually hit the market, have a Realtor set you up with an auto-feed that will alert you the moment they become active on the MLS.
0 votes Thank Flag Link Mon Dec 31, 2012
And when you do find a good realtor, and you find something that interests you, be prepared to view homes quickly

We are experiencing low inventory of homes for sale. Many homes are receiving multiple offers. and if they are priced aggressively, they may even receive offers at over list price.

Serious buyers don't stop looking., and don't wait until they're on a holiday, and they don't wait until the weekend to view property. cause if they do, by the time they make arrangements to see the property, they may find that it's already pending (or in contract).

Good luck!
0 votes Thank Flag Link Fri Dec 28, 2012
The most important thing that you need to know about this house is that it is not for sale. Not now, anyway. It might come on the market in the future but it will be priced far higher than the figure shown on the RealtyTrac posting if it does go on the market.

What you have seen on Trulia is a notice of default or foreclosure posted by Realty Trac which is a reporting service. Realty Trac takes information from public records and provides it by subscription to its members who have registered and agreed to pay a fee for the information. What you see on Trulia is an abbreviated report from Realty Trac in order to entice you to sign up for their service.

It is unlikely that you will be able to buy this house for the price posted on Trulia. That is the amount of a default and has no relationship to the value of the property. The house may be offered for sale at a later date but it will most likely be listed with a Realtor and priced at a price that reflects the market price for the area.

If you are serious about buying a house, you need to align yourself with a full-time, experienced local Realtor who can help you to find the house that meets your needs. Your Realtor can help you to learn about the current market conditions, realistic house prices, loan qualifications, negotiating strategy, escrow management, inspections and everything else that goes into the purchase of a home.
0 votes Thank Flag Link Fri Dec 28, 2012
This property is going through default and not an actual listing. You might see it on the market as a short sale soon.
Web Reference: http://www.kennytruong.com
0 votes Thank Flag Link Fri Dec 28, 2012
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