Property Q&A in Sierra Madre>Question Details

Melaynee, Home Buyer in Sierra Madre, CA

I would like to have more information about this property, and I am unclear as to who to contact. Thank you...

Asked by Melaynee, Sierra Madre, CA Sun Sep 18, 2011

This question is about this property:…

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Hi Melaynee,

What you are looking at is not actually a sale listing, but rather a notification of a property that has had a notice of default filed against the mortgage. The $100,000 is not the sale price of the property, but rather the original principal amount of the loan that is in default. The filing of the notice of default is the first step in the foreclosure process, and the property may or may not ultimately go to foreclosure - the owner could pay the past due balance on the loan and stop the process. If it does ultimately go to foreclosure and come on the market for sale as an REO (Real Estate Owned) property, it would likely sell for the fair market value of other properties in the area. If you don't already have one, you should find a good buyers agent to work with who can send you listings of available properties and will be able to help you get all the details of the sale and contact info of the parties. Good luck, let me know if you have any questions.

John Barry
DRE #01856079
Coldwell Banker Residential Brokerage
Cell: 323-810-7976
Twitter: @RealtorJB
0 votes Thank Flag Link Sun Sep 18, 2011
Hi Melanyee:
Thank you for your question.

There are 8 homes in Sierra Madre that are in default and we would be glad to share these addresses with you.

Just contact me and share with me your email address and these homes will be sent to you.

Have a good day,

P.S. If I may be of assistance to you or your family and friends, that would be the finest of compliments.

Mary V. Prout, CRS, GRI, e-PRO
Broker Associate/Certified Negotiator
CA DRE License #878251
CA DRE License #1044799
626-355-4155 home office
626-355-2125 home fax
626-833-7043 cell phone
0 votes Thank Flag Link Sun Sep 18, 2011
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