Property Q&A in Palo Verde>Question Details

jaivardhan, Home Buyer in Palo Alto, CA

Is this still available?

Asked by jaivardhan, Palo Alto, CA Wed Dec 26, 2012

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This question was asked from this property: http://www.trulia.com/foreclosure/3085781250--Lupine-Ave-Pal…

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It might be available. Although many property owners who receive a Notice of Default (NOD) do "cure" the default by finding a way to catch up on payments, some are open to a sale if they receive an offer that pays off the mortgage or solves their overall financial problems. The typical way to find out is to simply ask the owner if they would be open to looking at an "unsolicited offer." A property doesn't have to actually be listed for the owner to consider an offer.
1 vote Thank Flag Link Wed Dec 26, 2012
It is not for sale. If you see a listing that says Realty Trac it means the home owner is behind in payments, but that does not mean the home is for sale. The homeowner can make up the payments that are behind, go through a loan modification, or declare bankruptcy before the bank forecloses. If the homeowner does nothing, eventually the bak will foreclose and at that point they will assign the home to a real estate agent who will then list the house on the multiple listing system for market value. If this home does ever get to the point where it is foreclosed it will not be listed anywhere near this price since the market value is significantly more. the inventory is so low in Palo Alto if the bank does foreclose on a home, there is no reason for them to sell it for under market value.

Marcy Moyer
Keller Williams Realty Palo Alto
marcy@marcymoyer.com
D.R.E. 01191194
Web Reference: http://www.marcymoyer.com
1 vote Thank Flag Link Wed Dec 26, 2012
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 Mon Dec 31, 2012
What you have seen on Trulia is a notice of default or foreclosure posted by Realty Trac which is a reporting service. Realty Trac takes information from public records and provides it by subscription to its members who have registered and agreed to pay a fee for the information. What you see on Trulia is an abbreviated report from Realty Trac in order to entice you to sign up for their service.

It is unlikely that you will be able to buy this house for the price posted on Trulia. That is the amount of a default and has no relationship to the value of the property. The house may be offered for sale at a later date but it will most likely be listed with a Realtor and priced at a price that reflects the market price for the area.

If you are serious about buying a house, you need to align yourself with a full-time, experienced local Realtor who can help you to find the house that meets your needs. Your Realtor can help you to learn about the current market conditions, realistic house prices, loan qualifications, negotiating strategy, escrow management, inspections and everything else that goes into the purchase of a home.
0 votes Thank Flag Link Wed Dec 26, 2012
Hello Jaivardhan,

This property is not "available" - this is a foreclosure notice, indicating the owner is behind on their mortgage payments and the bank intends to foreclose on the property. The price that you see there on the Trulia listing is the loan balance, plus past due amounts and Trustee's fees the bank is trying to recover in a foreclosure sale. The auction date is currently set for January 18th, but that could change if the seller is in the process of working out a solution with their lender.

Unfortunately, there are many properties on Trulia that are not actually for sale, they are just the public records for homes, or foreclosure notices.

If I can help you navigate the confusing information in this new world of real estate, please contact me.

Best regards,
-Bart

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Bart Marchioni, Real Estate Consultant
(408) 420-8270 Cell
Lic# 01385188
Web Reference: http://www.RealScout.com
0 votes Thank Flag Link Wed Dec 26, 2012
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