Property Q&A in Carmichael>Question Details

Bill Casey, Home Buyer in 95821

is this house really being sold by the bank for $6800? Because i am very interseted, but don't want to get scammed. please respond, i need answers.

Asked by Bill Casey, 95821 Wed Jan 27, 2010

i want to know who i can get a hold for more information on the house, why it's being sold at $6800, and if it's still on the market.

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This question is about this property: http://www.trulia.com/foreclosure/price/2009247862--Donnie-L…

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Answers

4
This is a very common question we get here on Trulia. Realty Trac posts this notice to Trulia and it is misleading and enticing you to call to contact one of their agents that pay for your lead. Hint- if you see RealtyTrac anywhere, then ignore it as a bogus enticement.

A notice of default is posted when a homeowner is in default of their mortgage. It could be the first, the second, or some other lien. The house is not for sale, nor has the homeowner indicated any interest to sell. If you want to find a 'bargain' work with a buyer's agent who can help you spot the good values, even in this attractive market.

Good luck Bill! As I'm sure your mom had told you 'If it sounds too good to be true...'
Web Reference: http://www.suearcher.com
1 vote Thank Flag Link Thu Jan 28, 2010
The foreclosure status on the website is confusing. When looking at listings, look at the home facts section - this states that this property has received a notice of default - the $6800 is likely the cost to cure the default and would not be anywhere close to the sales price if the house were listed for sale. Notice of default is the first step a lender must take in the foreclosure process but the owner still has the opportunity to cure the default and stop the foreclosure. When a home is auctioned off in foreclosure there is a notice of trustee sale, even then sometimes it will list a low price which often is not the market value of the property.
1 vote Thank Flag Link Wed Jan 27, 2010
Hello Bill,

No, the home isn't even for sale. A notice of default has been placed on the home for $6,800. It could go REO in the future. If you want to look at REO/Foreclosed homes and what they list for. Click on my website below.
Web Reference: http://www.sacreopro.com
0 votes Thank Flag Link Thu Jan 28, 2010
Of course not. Search Trulia advice keywords: Realty Trac bait and switch.
0 votes Thank Flag Link Wed Jan 27, 2010
Jim Walker, Real Estate Pro in Carmichael, CA
MVP'08
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