jvdinh23, Other/Just Looking in San Jose, CA

This house is really 100,000? If so, I can purchase it this week.

Asked by jvdinh23, San Jose, CA Wed Sep 12, 2012

Will it be possible to buy a single family home that is foreclosed for 300,000 an under? The loan amount that is approved is 260,000. Then I have 40,000 to put down. I was looking 3 or 4 bedroom and 2 baths. Hopefully 1500 sq ft.

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This question is about this property: http://m.trulia.com/foreclosure/3094883130--Westberry-Dr-San…

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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.
1 vote Thank Flag Link Wed Sep 12, 2012
Guess what … if it WAS available, I'd have bought it myself.

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.

As for your question, “Will it be possible to buy a single family home that is foreclosed for 300,000 an under? The loan amount that is approved is 260,000. Then I have 40,000 to put down. I was looking 3 or 4 bedroom and 2 baths. Hopefully 1500 sq ft.”
A: Depends on where you want to buy. It won’t be in San Jose. Don’t assume you can get a foreclosed home for a bargain – in reality, they are priced pretty much the same as other homes and they are all on the MLS.
0 votes Thank Flag Link Thu Sep 13, 2012
Most likely this home has more than one loan that is defaulted and the $100k amount shown is just one of them.
0 votes Thank Flag Link Wed Sep 12, 2012
Hi jvdinh23,

Please see the blog post below to keep from "being fooled" again:

MLS Data Accuracy – Where to search if you’re “without Realtor®”
http://www.trulia.com/blog/steve_ornellas_mba_re_mastersgri/…

If you really want to have the most up to date information for ACTIVE listings team with a local Realtor® who can set you up with an automated search for what you can afford.

-Steve
0 votes Thank Flag Link Wed Sep 12, 2012
Thank you for your question Mr. dinh:

No this house is not available for $100,000. The fair market value of the house is far more than that.

Remember that it if it is too good to be true, it probably is not true.

The link that you posted is nothing more than a notice of default, that the homeowner is late on their mortgage payments and is facing foreclosure if the homeowner does not make sufficient payments to bring the loan current.

if necessary the homeowner can sell the house for far more than $100,000.

The link that you posted is primarily for the purpose to sell you a tacking service to identify houses with Notices of Default. Many people are sucked in by this believing that this is the way to get a house cheap, below fair market value. The result is that many people waste time and money on these services with no benefit to you. The only people who benefit are the people who sell you those services which are usually overpriced for what they are.

You can look those Notices of Default up at The County Recorder's Office at no cost. .

For more information, you may call me at my cell phone: (408)509-6218

Thank you,
Charles Butterfield MBA
Real estate Broker/MBA
American Realty
Cell Phone(408)509-6218
Fax: (408)269-3597
Email Address: charlesbutterfieldbkr2yahoo.com
DRE#00901872
.
0 votes Thank Flag Link Wed Sep 12, 2012
No this home is not for sale at $100K. A notice of default was filed on the property.

Sadly, it is getting more difficult to find any home in the area for 300K or less - especially with that square footage and bedroom size

Pat Chadwell, broker
Realty World - Residential Specialists
408-927-6565 x 11
http://www.patchadwell.com

CRS, SRES, CDPE, CIAS, ePro, SFR
Web Reference: http://www.patchadwell.com
0 votes Thank Flag Link Wed Sep 12, 2012
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