The first step before looking for a home is getting pre-approved for a mortgage loan. An agent can also refer you to a professional mortgage banker or broker that can help you.
For information on how to buy a bank owned property, check with a local Realtor who can explain the process and give you valuable assistance.
What you see is a notice posted by RealtyTrac, a reporting service specializing in financially distressed properties. It is not a listing ... in fact, the home probably isnâ€™t even on the market. It could be at some later date, or may have already been sold. This is only a notification of foreclosure ... nothing more.
RealtyTrac doesnâ€™t list or sell property, but simply compiles data from several sources, all public information. To learn more, youâ€™d have to subscribe, although I see no reason to do so. The likelihood of purchasing anything based on a RealtyTrac notice is near zero â€¦ and while these postings do serve a purpose for those following market trends, they have no value to anyone shopping for a home.
As for that very enticing number â€¦ no, itâ€™s not the price you can buy it for (as RealtyTrac would like for you to assume), but rather the amount in default, which would explain why itâ€™s down to the dollar. There is absolutely no connection between that figure and what the property would sell for if it ever came on the market ... itâ€™s not even close. If it were possible to purchase such a home for so little money, Iâ€™d be first in line; and while the attraction to a potential bargain is certainly understandable, if it seems too good to be true â€¦. Hereâ€™s some information I hope will prove useful (Foreclosures 101, if you will):
Itâ€™s a common misconception that these properties can be purchased for pennies on the dollar. If such were the case, theyâ€™d be gone before they even hit the market. While they may be aggressively priced when first posted for sale, the strategy is to attract attention to the listing, and raise the stakes through a â€œbidding war.â€ In so many instances, foreclosures end up selling for more than the original asking price, and closer to market value.
Just about all of them need considerable work, well beyond cosmetic improvements ... sort of fixer-uppers on steroids. In a nutshell, theyâ€™re suited primarily for investors with deep pockets. I work with several, and see firsthand what these places go for â€¦ and how much it can take to get them into livable condition. Believe me, itâ€™s pretty serious money.
The terms of a foreclosure sale alone should be sufficient to drive all but the most savvy buyers away â€¦ â€œas-is, where-is, with all faults and defects.â€ Bottom line: itâ€™s yours as it sits, with no recourse. In most cases, thereâ€™s an opportunity to inspect the property and get out of the deal, but only after a contract is signed â€¦ and since the homes are generally in pretty rough shape, itâ€™s imperative to have all major components checked out by experts: roof; foundation; under-slab plumbing; structural integrity; electrical; HVAC; drainage; insect/rodent activity, etc. The cost of these inspections is totally on the buyer, and none of it is reimbursable, even if the transaction fails to close. Further, in virtually no instance will the lienholder/seller make any allowances for repairs â€¦ â€œas-is, where-isâ€ sums it up.
Ironically, you can likely purchase a great home in much better condition for about the same money â€¦ possibly less, considering what youâ€™d have to spend to get most foreclosures into shape. Iâ€™ve had several such instances of buyers wanting a bank-owned property, and ending up with a terrific, non-foreclosed home of exceptional value.
It will be my pleasure to work with you toward finding that special place which best suits your familyâ€™s needs. My services and expertise come at no cost to you as a buyer. I trust that this helps. If I may be of further assistance, please feel free to contact me. I look forward to hearing from you.
Regards â€¦ and Happy New Year!
Hope your having a good night. Sorry to say that this property is not available. However, There are 5 property available in that subdiv
61928481 19 A Single-Family 11514 MANORHOUSE ROYAL OAKS C 3279 $495,000 489X 4 2 172*
2 6318144 32 A Single-Family 11610 MANORHOUSE ROYAL OAKS C 4392 $523,000 489X 4 3 30
3 6046214 32 A Single-Family 11518 Manorhouse Royal Oaks C 3852 $650,000 489X
4 61824964 13 A Single-Family 11625 MANORHOUSE ROYAL OAKS C 4917 $850,000 489x
None are foreclosures. Would you like a foreclose list of the area?
Please feel free to contact me at any time.