Amrit Lal, Home Buyer in Hayward, CA

Is this property still avilable. How can I bid on it.?

Asked by Amrit Lal, Hayward, CA Thu Jan 31, 2013

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This question was asked from this property: http://www.trulia.com/foreclosure/3099772315--Canonbury-Way-…

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Guess what … if the listing has the logo for RealtyTrac ...

Then what you are seeing is NOT an actual listing … it is an advertisement for RealtyTrac.

RealtyTrac is a provider of data for distressed homes. This data is used by investors and Realtors to track distressed homes. When you see the RealtyTrac logo, you are not looking at a home that is actually available for you to buy: what you are seeing at is either (1) the notice of default for one of the mortgages on the property in question, (2) a notice of an impending trustee sale or (3) a notice of a completed trustee sale.

RealtyTrac notices can be very deceptive because they usually give loan amounts, not the purchase price or fair market value. When and if this particular property hits the market, it will be at market price for the neighborhood.

Bottom line: 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 or similar properties will 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.
0 votes Thank Flag Link Fri Feb 1, 2013
It appears that the property to which you linked is on the market as a short sale and is Pending, awaiting the lenders approval. It is not available. A similar property in that complex closed escrow a couple of weeks ago for roughly twice the amount shown on the link. If the property does go to foreclosure you will have competition at an auction from veterans in the purchase-at-auction business. If you are similarly knowledgeable you, too, may enter a bid. If the lender purchases it, the property will eventually make its way to the market and be offered for sale at a price that is in line with comparable properties.
0 votes Thank Flag Link Thu Jan 31, 2013
It may actually go to auction in the next few days. The bid is $62,500... sort of. There are a number of specific details you likely don't have regarding trustee sales in general and this one in particular.

If you are a cash bidder, I may be available to assist you. Reach out to me to discuss that possibility.
0 votes Thank Flag Link Thu Jan 31, 2013
Hello Amrit,

Based on the listing of the property on MLS, it states that this is a short sale it is already pending sale subject lender approval. I am sure the property has a trustee (foreclosure) sale date scheduled since it is a short sale, but you can not bid on the home unless it is being auctioned off that the County Courthouse Steps or if assigned to an Auction company. I hope this answers your question.

Regards,
Hamed Barakzoy
Realty World Acclaim
4695 Chabot Drive Ste 200
Pleasanton, Ca 94588
925-558-2752 Phone
925-558-2766 Fax
510-825-6722 Cell
DRE # 01859274
http://www.dublinsanramonhomes.com
0 votes Thank Flag Link Thu Jan 31, 2013
The property is currently pending and was only on the market for three days. You may or may not be able to place a back up offer.

If you have an agent you should have them call the listing agent to see if a back up offer is a possibility.

Enjoy this wonderful day!
0 votes Thank Flag Link Thu Jan 31, 2013
This is scheduled for auction but not yet foreclosed. The figure you see may be the amount of delinquency, not the market value.

Since this is Alameda County, you may want to attend one of the county courthouse auctions to see what is involved.

OR watch this video. Very educational
http://www.youtube.com/watch?v=1CanJbhGdJM

If, after watching this, you've determined this may be too risky....then please engage a realtor to help you find properties that are actually listed for sale....after you determine how much you can afford, what kind of loan you qualify for

If you don't know, your realtor can also recommend lenders who can prequalify/preapprove you if you aren't planning to pay cash when you buy property.

Hope this helps.
0 votes Thank Flag Link Thu Jan 31, 2013
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