Property Q&A in Piedmont>Question Details

Pamela Callo…, Home Buyer in Oakland, CA

I want to knwo more about this property and possible see it

Asked by Pamela Calloway, Oakland, CA Mon Apr 26, 2010

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This question is about this property: http://www.trulia.com/foreclosure/3008652180--Muir-Ave-Piedm…

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Pamela:

Too good to be true? Guess what …

What you are seeing is not a listing … it is an advertisement for RealtyTrac.

What you are seeing on Trulia.com is the notice of default for one of the mortgages provided by RealtyTrac OR a foreclosure notice for a trustee sale. RealtyTrac notices can be very deceptive because they give the loan amounts, not the purchase price. When this particular property does hit the market, it will be at market price for the neighborhood.

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 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.
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0 votes Thank Flag Link Mon Apr 26, 2010
the owner has a lot of equity in this property, and will most like.y do everything in his power to keep it. He only has one loan on the property, and may simply be late with some payments.

The "price" you see is the delinquency. But the property itself is values at $2M. So it's obviously NOT possible to buy this for $57K. If it's too good to be true, it is!

The owner has several ways to avoid foreclosure --- starting with loan modification, loan reinstatement, forbearance..

....and if the owner has no choice but to sell, he may want to do a short sale instead.

In a short sale, the lender(s) will want to recover as much as possible, and as such, the property will be listed at, or close to fair market value. They will not give it away.

But unless this property is actively offered for sale, we can't show it to prospective buyers.

Surprisingly, there are 12 properties in Piedmont that are in pre-foreclosure: 10 received Notices of Default, and 2 received Notice of Trustee Sale,

Nonetheless, if you are actively looking to buy a property in Piedmont or elsewhere, your best bet is to engage a realtor who will identify properties that are actively offered for sale, regardless of type of sale. A realtor can researcdh the property and give you as much information as you need to guide you in your decision-making.

How may I help?
0 votes Thank Flag Link Mon Apr 26, 2010
Pamela,

Hello. This property is actually not listed for sale. This is actually a notice of default. The notice of default is typically is filed after the home owner has not paid the mortgage for 3 months. Realty Trac is a company that lists these properties as though they are for sale, but in reality they are not. The price list The home owners still have a redemption period to come current on their mortgage. This is not the amount the property would actually be listed for or would sell for.

I personally find Realty Tracs methodology of "listing" properties mis-leading. They often look like too good to be true prices, and the reality is often times they are.

I hope the information helps!

Lisa Cartolano
0 votes Thank Flag Link Mon Apr 26, 2010
Pamela,
Most likely this is not a property that is for sale, but one that is just starting the foreclosure process with the filing of a notice of default. The best way to purchase a foreclosure, unless you are a high risk taker with a lot of cash to spend on the court house steps, is to establish a relationship with a good Realtor who can look out for your interests and alert you to real possibilities when they appear on the market. I will check the MLS for you nonetheless and see if there is any mention of it.
ARTHUR G. WHITE, SRES, LL.B.
Licensed Real Estate Broker, Realtor®
Red Oak Realty
Cal. DRE Lic. #01273793
http://www.artwhite.com
e-mail: art@artwhite.com
0 votes Thank Flag Link Mon Apr 26, 2010
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