Property Q&A in Ward 2>Question Details

Gaspnell, Home Buyer in Hayward, CA

I would like to know more about this property and what is necessary to purchase a home in foreclosure?

Asked by Gaspnell, Hayward, CA Sun Jan 27, 2013

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Ron is right! and Patricia's answer is very good!

Realty Trac is not accurate information ... this is a stupid scam designed to entice you to purchase a useless subscription to their service.

There are good deals out there ... get a good agent and start looking ... don't waste your time on Realty Trac.

Lisa Wetzel
RE/MAX Realty Affiliates
1320 Hwy 395
Gardnerville, NV 89410
0 votes Thank Flag Link Sun Jan 27, 2013
As Ron says, this ad is a scam by RealtyTrac to get leads. Classic bait and switch stuff.

Buying a home IN foreclosure ( i.e bank has started action) can be complex. You are probably looking at a short sale which takes months, that is, if you have a willing seller. The fact that a property shows up having a default notice or notice of sale posted in the local paper, does not mean you have a willing seller. Seller may do all sorts of things to cure the default or forestall the foreclosure.

If the foreclosure sale takes place by the trustee as an auction at the court house, you better know what you're doing and what the risks are - get an agent to advise you and contract to pay the agent his commission upon successful closing. Foreclosure bidding has become quite competitive.

A foreclosed home (owned by the bank) is a relatively straighforward transaction commonly handled by agents of the bank and the buyers. Although the bank generally sells "as-is".for what are obvious reasons to me.
0 votes Thank Flag Link Sun Jan 27, 2013
This home is off realty trac. That site is a scam with inaccurate information. Most. Foreclosures are risky for amateurs if bought at auction. If you try and get one in MLS they are overpriced or teaser prices designed to bid higher than market. Wait six months and you will have more foreclosures to choose from if we can get our 40,000 foreclosures in shadow inventory to market.
0 votes Thank Flag Link Sun Jan 27, 2013
This property is not yet available for sale as a foreclosure and it may never be. A Notice of Default has been issued by the lender and recorded by the County. Simply put, the lender is publicly stating that the homeowner is behind in payments. A Notice of Default is a step in the foreclosure process but it is not the final step that allows the bank to assume possession of the property.

The homeowner can: choose to do nothing and let the property be foreclosed, bring the mortgage current or sell the property as a short sale.

There is a property on Greenbrook that is now being sold as a short sale. $200k is the listing price. The actual sales price will be disclosed upon recordation to the new owner. Currently, there is an offer on this property so it is technically "off the market" and will be sold within the terms and conditions of the offer unless the transaction falls out for whatever reason. Then, it could go back on MLS.

One mistake buyers make is assuming that because a property is a foreclosure that it will be a "steal of a deal". Currently, foreclosures are within the price range of a traditional or short sale. We have a limited residential inventory in our area so there is no incentive for the banks to "give" property away at prices significantly less than similar propeties on the market.

Purchasing a foreclosure requires the basic loan qualifications and criteria of purchasing any other real estate. There are more disclosures in the form of paperwork in a foreclosure than in a traditional sale.

Patricia and Roger Jewett
Team Jewett

MLS search -
Shorts -

Trans-Action Realty 500
6121 Lakeside Drive
Reno 89511
0 votes Thank Flag Link Sun Jan 27, 2013
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