Property Q&A in Oakland>Question Details

Robyn Isom, Home Buyer in Oakland, CA

Is this real? A property on Mountain in Oakland for $100,000?

Asked by Robyn Isom, Oakland, CA Tue Mar 24, 2009

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This question is about this property: http://www.trulia.com/foreclosure/2003974382--Mountain-Blvd-…

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Answers

3
Hi Robyn,

As been already mentioned this "price" really reflects the amount of back mortgage, penalties, attorney's fees that are due to have the owner come current on their existing mortgage. These sites are typically trying to entice potential buyers to pay for their services to receive this information. Unfortunately the adage if it is too good to be true is applicable here.

If you are looking to purchase a home in the area, you may want to consider talking with a Real Estate agent who will be able to provide information regarding the sold properties, active listings in the area as well as information regarding the housing trends for the area. If you would like I can send you a Trend report that will give you an idea of what the market has been doing in the Montclair area of Oakland. Being educated about the local market where you are looking to buy will make the process less stressful for you.

I hope this helps!

Lisa Cartolano
Alain Pinel Realtors, Montclair Village
0 votes Thank Flag Link Tue Mar 24, 2009
Please note: sites like RealtyTrac doesn't always give you the rest of the story. Sometimes, they provide information on properties with prices that seem unreal or too good to be true. And if it's too good to be true, there'sa problem. Oftentimes, if the property has received a notice of default, that amount is what is posted as the value of the property which is not, and perhaps never the case.

The $100K you saw as the sold price for this property may have been the amount that was in default, and on which the lender foreclosed. This doesn't mean the property will be listed for sale at that amount. The banks will engage an REO (real estate owned) agent to list it for close to market value in order to recoup their costs. The previous owner may have owed more on the house than the $100k that was in default.

There are so many bank-owned properties for sale today ---- why not engage a realtor to help you locate these homes, and guide you through the negotiation process? You can go to the properties, do your own visual inspections and determine whether or not you like a property enough to make an offer. Get a Buyer's agent to help you write the offer on a foreclosed listing.

Furthermore, your realtor can research more information that may be useful towards your decision making.

May I help?
Pacita
510 748 1148
0 votes Thank Flag Link Tue Mar 24, 2009
Good question, but unfortunately no - it's not for real. This listing just reflects the foreclosure proceeding - when the bank took the place back from the owner. Before it is actually listed on MLS, with a Realtor, for sale, the bank will obtain a estimate of its fair market value and list it at a slight discount from that. And with 6 bedrooms on Mountain Blvd., it won't be anywhere near $100,000!

Let me know if you need help finding entry-level priced properties in the better areas in the East Bay.

Tara-Nicholle Nelson, MA, Esq.
REThink Real Estate, Inc.
Author: Savvy Woman's Homebuying Handbook

510.910.6713
0 votes Thank Flag Link Tue Mar 24, 2009
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