Property Q&A in Newark>Question Details

ramirez.geor…, Home Buyer in Newark, CA

what would be the steps for putting an offer on this home?

Asked by ramirez.george, Newark, CA Tue Sep 25, 2012

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This question is about this property: http://www.trulia.com/foreclosure/3033140151--Joaquin-Muriet…

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Answers

6
Hi George,

Hands down, the best move you can make is to team with a Realtor® so you have access to TRUE MLS information (and I highly recommend an automated MLS search).

If you plan on picking up more "mental scar tissue" by going it alone please review the following post:

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

-Steve
0 votes Thank Flag Link Thu Oct 4, 2012
There are no steps, my friend, because that property is not for sale. You have linked to an announcement of a foreclosure and not a listing that is for sale. I know you are attracted by the what you think looks like a great price but it is not a price at which the property is being offered for sale. If you want a true picture of the market in that neighborhood, throughout Newark or any where in the greater area you should associate with an experienced local Realtor.
0 votes Thank Flag Link Tue Sep 25, 2012
Guess what … 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.
0 votes Thank Flag Link Tue Sep 25, 2012
There's a new listing that just came up on the market as for sale, 2 BR/1.5 BA for $215K -- but this is being sold as a regular sale and not a foreclosure. This is the only actively offered for sale. The instructions say that the agent will announce when offers are due.

The rest are all pending or subject to short sale approval.

If you don't have a realtor yet, or if you haven't spoken with a lender to become preapproved for a loan (assuming you aren't paying cash) -- then that's the first step prior to writing an offer.

Each offer we submit is always accompanied by a preapproval letter and/or proof of funds.
0 votes Thank Flag Link Tue Sep 25, 2012
That property is bascally an Ad for RealtyTrac. They will try to sell you a list of properties.
The only property currently on the market (in that complex) is a 2 bedrm, 1.5 bath on Joaquin Murieta listed at $215,000.

You need to work with an agent who will show you the MLS and the properties available in your price and then go see them.

Next step is to get pre-approved for your home loan and then make an offer.

Your agent should be able to discuss in more detail.
If you do not have an agent, there are many -including myself - who would be happy to help you.

good luck,
Brian
0 votes Thank Flag Link Tue Sep 25, 2012
Hi Ramirez,

You should work directly with an agent who can help you learn more about that specific property (and probably will know a lot about similar properties in the area). To find an agent, just click on the yellow button on the property's listing and you will be able to start a dialogue.

Good luck,
Teresa
0 votes Thank Flag Link Tue Sep 25, 2012
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