Property Q&A in Newark>Question Details

samiraazimi, Home Buyer in Newark, CA

I want to buy a forclosure propety in newark , i saw this house and wondering wht is the process , i am in process of pre aproval , advice please.

Asked by samiraazimi, Newark, CA Sat Feb 11, 2012

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This question is about this property: http://www.trulia.com/foreclosure/3054856421--Souza-Ave-Newa…

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samiraazimi:

"I want to buy a forclosure propety in newark , i saw this house and wondering wht is the process"

This property had a Notice of Sale recorded on 06/08/2011 - it has not been taken back by the bank yet and it's not currently for sale.

Just so you are aware:

Non-Distressed = a traditional sale

Pre-foreclosure = Short Sale
When an owner misses payments a bank will record a Notice of Default. Some owners attempt a Short Sale at this point. If the default continues or the home does not successfully complete the Short Sale the bank will file a Notice of Sale. Many times, they simply take back the property.

Foreclosure = REO
The bank normally "buys" the defaulted property and holds title to the home. They then employ an agent to list the property on the MLS. Additionally, the bank may also send the property to an Auction company (not recommended for first time buyers).

You should not limit yourself to just distressed (short sale / REO) property when you search. Additionally, when you search you should be aware that not all websites are created equal:

“MLS Data Accuracy – Where to search if you’re “without Realtor®”
http://www.trulia.com/blog/steve_ornellas_mba_re_mastersgri/…



"i am in process of pre approval , advice please."

Here's the best advice I can recommend regarding your Pre-Approval:

1) http://www.Steven-Anthony.com/GettingStarted

2) "Retail Banks vs. Mortgage Broker/Bankers"
http://=www.trulia.com%2Fvoices%2FFinancing%2FCan_anyone_tell_me_wh… target="_blank" rel="nofollow">http://www.trulia.com/voices/Financing/Can_anyone_tell_me_wh…


Oh yes, one more topic:

"Dual Agency"
http://www.trulia.com/voices/Home_Buying/Why_should_I_NOT_us…

Seems like you would benefit from sitting down and talking. I’m local if you would like to grab a coffee and discuss your plans - no obligation required. If not, that’s fine too, and best of luck to you!

-Steve
http://www.trulia.com/profile/SteveO/
1 vote Thank Flag Link Sat Feb 11, 2012
Thumbs up to Steve for an excellent response. Let me add this...

What you have seen on Trulia is a notice of default 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.
Web Reference: http://www.MedfordTeam.com
0 votes Thank Flag Link Tue Feb 14, 2012
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