Property Q&A in Long Beach>Question Details

jpgunn06, Home Buyer in Long Beach, CA

What are the chances of this selling for the above price and could you do a 30 year loan on this? If

Asked by jpgunn06, Long Beach, CA Thu Nov 3, 2011

If so, I would be extremely interested in something along these lines. Please get in touch at jpgunn06@yahoo.com

Thank you,
John

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This question is about this property: http://www.trulia.com/foreclosure/3062161909--Bay-Shore-Ave-…

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Answers

6
As others have answered, this property is NOT for sale. The owner has defaulted on their loan and the lender has filed a notice of default, the first step in the legal foreclosure process.

What others have not said is:
1. This is not an actual listing. This is a report of information taken from the public records by RealtyTrac. Unfortunately, this information is often misleading, at best, and downright wrong, at worst.
2. The foreclosing loan is in 2nd position, with a delinquent amount of only $5,087. There is also a 1st TD against the property, securing a loan for $345,000.
3. Anyone acquiring this property through the foreclosure sale, if such a sale actually happens, would have to take it subject to the existing 1st, which does not appear to be in default at this time.
4. The chances of the homeowner sitting by and letting this home go all the way to foreclosure auction are slim. With comparable homes selling in the mid $500,000s to the mid $600,000s, there are many options to stop the foreclosure.

Looking at the "foreclosure" properties on Trulia and believing that you can buy these properties for what RealtyTrac shows as the "price" is one way of defining insanity. If you are really looking for a great deal, find yourself an aggressive agent and go after properties that are actually for sale at a discount. Good Luck and Dare to Dream.


Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
myrealestateanswers@gmail.com
http://shel-lee.listingbook.com
0 votes Thank Flag Link Sat Nov 5, 2011
Hi John,
There's virtually no chance this property would sell at that price. First of all, it's not actually being offered at that price. I can understand how the Trulia listing would lead you to believe that, but it's simply in "pre-foreclosure" and that's the loan amount. The current owner is in default and unless they cure that, it may wind up at trustee sale. If it does, you would need to have cash to bid at that point, but it would not sell for that low a price. At some point down the road, it's possible this property will become an REO (real-estate owned) or foreclosure, but even then it would sell closer to market value -- which is considerably above $102,000.

That being said, there are some good deals out there. If you're interested in finding out about current opportunities, feel free to contact me at 562-896-2456 - or via the below website.

Shannon Jones
Keller Williams Realty
Web Reference: http://www.ShowMeHome.com
0 votes Thank Flag Link Fri Nov 4, 2011
You're jumping the gun on this one. It's only in pre-foreclosure and the number you're seeing is the loan amount, many things need to happen before it would be actually sold at auction and if or when that ever happens you'll need cash. If you're looking for distressed properties to purchase contact me and I can help you get started on the right track. Thanks and good luck investing! John
0 votes Thank Flag Link Fri Nov 4, 2011
If you are selling your home, please follow this link and read this article " How to sell your home for a profit!
http://www.thelongbeachhomeinspector.com/system/files/userfi…

Ending up with more money at closing is what counts. This money, called net return, is
the selling price of your home less your debt and costs. Spending big bucks on improvements
and marketing might get you a higher selling price but won’t necessarily increase your net return.
Your strategy is to do only those certain things that will likely increase your selling price
more than the cost of doing them. Realize that you probably will not be able to do them all.
This booklet will show you what to do and what not to do.

Fred Sweezer Sr.
1-562-234-2689
0 votes Thank Flag Link Thu Nov 3, 2011
hi john,

i am not sure i clearly understand your question. the link attached to your question is a property that is in pre-foreclosure. it's not currently listed for sale. the loan amount against the subject is $102k. without running comps i would guess the market value is around $450k. with that said the owner has equity in the property and i would doubt it would go through foreclosure.

what is exactly are you looking for? the more you can share the better i can help.

let me know if i answered your question. i am here to help.
0 votes Thank Flag Link Thu Nov 3, 2011
First of all, Sight unseen, one cannot predict. Second of all, only if a property is in the BEST location with the lowest price and the best amenities will it generate multiple offers which could create a bidding war and then whoever would win the war on the bidding may be paying higer than asking price. So, please, let me know if you would like to speak live and in person,
0 votes Thank Flag Link Thu Nov 3, 2011
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