Property Q&A in Raleigh>Question Details

Jjaustin03, Home Buyer in Wake Forest, NC

Was told this property is not for sale. Why is it listed as such?

Asked by Jjaustin03, Wake Forest, NC Mon Jul 2, 2012

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Property foreclosure action on this property was started by the bank on February 17, 2012. Trulia pulled this information from Realty Trac. Realty Trac starts listing these properties after the foreclosure action is started by the bank. This does not mean the property is for sale or will be for sale in the near future. Many Owners work something out with the lender and modify their loan, others file bankruptcy and some properties make it to a foreclosure sale at the Courthouse steps ( average for this at the moment is about 11 months after filing of first foreclosure action)
Feel free to contact me with any other questions about foreclosure properties in Central North Carolina . Peter Greijn
0 votes Thank Flag Link Tue Jul 3, 2012
Everyone here is correct... sites like Trulia take feeds from all kinds of sources to feed their database and there are times when all is not correct. That's why your best source for finding a home IS through use of a Realtor. What you may not know also is that in 99% of cases, there is no charge to you for using a Realtor. We get paid by the seller!!

My son is looking for a home and loves Trulia, but he has learned to send the homes he likes to me to research. While the vast majority are valid, we have come across several that are aleady under contract or have even closed. You could be doing the same working with a Realtor.
0 votes Thank Flag Link Tue Jul 3, 2012
Trulia uses some data from less than reliable sources.
In this instance, that would be RealtyTrac, an amateur site whose purpose is to get unsophisticated consumers to pay them for pumping information.

Often, "too good to be true" properties on Trulia are a result of simple paperwork reorganization at the courthouse, correction of errors, refinancing, etc.
RealtyTrac scrapes data and posts without analyzing it, and Trulia posts what RealtyTrac feeds them without taking responsiblilty for the information.

Unfortunately, both sites sometimes show properties as foreclosures or preforeclosures without regard to the intrusion into the privacy of homeowners who often are current on their note and in no way at risk of foreclosure.
If this house was on the market, the likely price range would be in the upper $300,000's to well over $400,000, as that is what homes in that neighborhood command on the market. $202,500? It would sell before lunch.

I believe Trulia and RealtyTrac owe the homeowners an apology.
0 votes Thank Flag Link Tue Jul 3, 2012
Michael is correct. If there is not complete listing.information it may not be a.true listing.

Just like if the price seems to be too good, most likely it is not.a real listing.

IDX feed listing sites be 72hours behind Realtor listing web sites.

Good luck
0 votes Thank Flag Link Tue Jul 3, 2012
This is listed by a foreclosure company who is trying to get you to pay for information.
Trulia is sometimes a little slow in changing status on homes if the listing Agent does not go in and
do it themselves. I would be happy to send you information on homes if you tell me what you are looking for.
0 votes Thank Flag Link Mon Jul 2, 2012
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