Property Q&A in Ocean City>Question Details

Lorib, Home Owner in Ocean City, NJ

So, is this a misprint or is the real price for this home? If this is the real price I am interested in putting in a bid.

Asked by Lorib, Ocean City, NJ Tue Jun 26, 2012

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This question is about this property: http://www.trulia.com/foreclosure/3042046220--Wesley-Ave-Oce…

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7
Another "caveat" that is attached to this "listing"

Pre-Foreclosure (Notice of Default or Lis Pendens):
Pre-foreclosure (NOD or LIS) is the first stage in the foreclosure process that begins when a homeowner receives a default notice for missing one or more mortgage payments. Owners in default can stop the foreclosure process by paying the past-due payments or by paying off the entire loan balance — usually by refinancing or by selling the property.
0 votes Thank Flag Link Fri Jun 29, 2012
Lorib,

This house was posted on Trula through Realty Trac. They pull public records of houses that have been served a notice of default which is filed by the lenders in the county clerks office.

This house may or may not ever be for sale. Realty Trac posts these listings as a ploy to have you sign up for their service to get "potential foreclosure listings" from them.

In this particular case even the Trulia listing has the following caveat:

"Notice of Default. This property has started the foreclosure process because a loan secured by the property is in default. The borrower/homeowner still has the opportunity to stop the foreclosure by catching up on defaulted payments or paying off the entire loan balance usually by refinancing or selling the property."

Notice of default IS NOT a foreclosure, it's just the owners have been served "notice" they are behind in payments for something. The owner may NEVER do into foreclosure and has the opportunity to straighten out their delinquency with the lenders involved.

Remember if it looks too good to be true, it probably is.
0 votes Thank Flag Link Fri Jun 29, 2012
This home is not necessarily for sale. It is listed as "in default". The owner is behind on their payments. The owner still has the opportunity to repay back debt to remedy the situation.

Please check our website for a home that is available at a good price!

http://www.casabellarealtors.com/
Joanne Bernardini
Sales Associate
Coldwell Banker- Casa Bella Realtors
Office: 609-601-1009
Cell- 609-947-2451
0 votes Thank Flag Link Fri Jun 29, 2012
Lorib,

Realty-Trac pulls up public records from the court dockets of houses where notices of default have been filed.

It DOES NOT mean the house is for sale, will be for sale, or go to foreclosure. Their "listing" even has the disclaimer:

"Notice of Default. This property has started the foreclosure process because a loan secured by the property is in default. The borrower/homeowner still has the opportunity to stop the foreclosure by catching up on defaulted payments or paying off the entire loan balance usually by refinancing or selling the property. "
"Pre-foreclosure (NOD or LIS) is the first stage in the foreclosure process that begins when a homeowner receives a default notice for missing one or more mortgage payments. Owners in default can stop the foreclosure process by paying the past-due payments or by paying off the entire loan balance — usually by refinancing or by selling the property. They can also avoid foreclosure by selling before the auction — this may have to be a short sale if the homeowner owes more than the property is worth."

Realty-Trac posts these notices of default to get you to sign up and pay for their services to find potential foreclosures and sheriff sales. The "price" in the listing is the amount the owners are in default of, which could be a first or second mortgage, a home equity loan, back taxes etc.

If you are looking for a foreclosure/sheriff sale, your best bet is to go to the County Sheriff's office website. Most of them list upcoming foreclosure sales and the rules for bidding on a property.

http://www.cmcsheriff.net/

Beware though, most foreclosures are not able to be seen, are sold totally as is, are often on bad condition, you must have a cashiers check for 20% of the final accepted bid price THAT DAY, and typically the balance of the bid price in cash or other financing within 10-14 days after you win the bid.
0 votes Thank Flag Link Wed Jun 27, 2012
Properties listed on trulia.com and other websites that are offered via Realty Trac show loans that are in default. This does not reflect that 1) the property is even for sale or 2) the property would sell for the posted amount. If an owner of a $2MM home has a $150,000 line of credit and is not paying for some reason (perhaps a dispute with his lender) and the lender calls in the note, Realty Trac picks up that information and publishes it, showing the $150,000 loan that is in default, with some disclaimers in small print and information about subscribing to their service. What does this all mean? It means that the adage "If it seems too good to be true, it is" still applies in the real estate world.
For information about real market values, contact me directly or check out my website at http://www.joanfarrell.com.

Regards,
Joan Farrell ABR,ePRO, RSPS
Monihan Realty Inc.
800-255-1311
609-517-7644 cell
joan@monihan.com
0 votes Thank Flag Link Tue Jun 26, 2012
That is not the price. That is showing you some kind of default in a loan. I would be happy to send you property in that price range. Some do exist in Ocean City. Check my website http://www.OCNJMLS.com for more accurate MLS info and/or call me at 609-254-4756. I am happy to help!

Caroline Watts
Prudential in Ocean City
Caroline@prufoxroach.com
609-254-4756
0 votes Thank Flag Link Tue Jun 26, 2012
This is False information. Please give me a call at 609-432-3634 to discuss.
Thank you
Pete adams
RE/MAX at the Shore
0 votes Thank Flag Link Tue Jun 26, 2012
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