Property Q&A in 92604>Question Details

Renee Mckee, Home Buyer in Irvine, CA

I am interested in buying this home. Where do I go to apply?

Asked by Renee Mckee, Irvine, CA Sun Jan 25, 2009

This question is about this property:…

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Hi Renee, it’s very common to be misled by RealtyTrac - see it here on Trulia just about every day. RealtyTrac is not a listing service. They post notices of foreclosure and default pulled from public records. Their postings are very misleading because the price shown is NOT representative of what the property will be when priced for sale. This property is not on the market yet, and when it is put up for sale it will very likely be listed on the MLS, not on RealtyTrac.

I’m not sure whether you have been formally Pre-Approved. As far as buying, this is your first step (not a pre-qualification, see:. for the difference between the two) so you can be ready to act when you need to, or be aware of any issues that may prevent you from buying when you want to.

To avoid being "RealtyTracked" again, continue searching for a property on as they load ALL listings from ALL Assoc. of Realtors MLS systems automatically. Trulia is making strides to do this as well, but it will be some time before their feeds are comprehensive.

Do find a Realtor to work with, and definitely get pre-approved. Then, have your Realtor set up an automated "search agent" for you so you get notifications automatically via email as soon as properties that match your criteria are made available on the MLS.

Best, Steve
0 votes Thank Flag Link Sun Jan 25, 2009
Hi there Renee. I hope you got answert to your questions on this Property. If I can be of any help pleae let me know

Kind Regards
Michael Barron
First Team Real Estate
(714) 552-6817
0 votes Thank Flag Link Sun Jan 25, 2009
This home was foreclosed on and is now bank-owned. It has not been put on the market yet. The foreclosue sites do make it sound like a deal, unfortunately the figure your seeing 139k was just for the second loan. There was a first over 600k, when it does go on the market it will be way above 139k, sorry.
0 votes Thank Flag Link Sun Jan 25, 2009

This property has not been placed onto the market for sale as of today. If the lender has taken it in foreclosure it will eventually be assigned to a Realtor to list and sell at a fair market price. Lenders do not take direct offers to purchase properties they have taken through foreclosure.

Also, the price shown is not the price ti will sell for. It likely represents the past due amount of the loan prior to foreclosure.

You should work with Realtor, that can assist you in acquiring this propertyu when it comes onto the market.

Best of Luck,

Thom Colby
Broker & Realtor
Orange County, CA
Web Reference:
0 votes Thank Flag Link Sun Jan 25, 2009
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