Property Q&A in Plant City>Question Details

Paula, Home Buyer in 33884

when a home is listed as a foreclosure and has $1000 as a Transfer Value how do you find out how much you have to pay for the home?

Asked by Paula, 33884 Fri Jan 4, 2013

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I agree with Alma below 100%.

Realty Trac strikes again:
Look at the posting for that home again and find the logo for Realty Trac (black and red). Most times when you see that logo on any listing it means the price you see is NOT a sale price, and the home is probably not for sale as of yet. It is just a posting of what the Bank/Lender had to pay the courts to document regaining custody of the home when they foreclosed on it (transfer value); and/or an announcement that the foreclosure process has just begun (Lis Pendens). Next that Bank/Lender will take several months to put the property on the market at "Market Value for the specific community" and it will be listed/advertised as a Foreclosure or an REO. Until a FULL address is shown and an MLS# is added to the information the home is still not listed for sale. Was this answer helpful? If so please click on the "thumbs up" above.

Tony Vega
La Rosa Realty
1 vote Thank Flag Link Sat Jan 5, 2013
After a property is transferred back to the lender when it forecloses it may or may not ever come up for sale to the public. Some properties are being packaged up and sold to large investment firms under the program where they will be rented out for the next 3 years.

Banks will not sell directly to an individual so you will have to wait until a local Realtor is assigned to list the property and then you will have to line up with all of the retail buyers to "bid".

We are in an extremely FAST market in Tampa Bay for properties under $200k so unless you can pay cash and make your offer the first day on the market, you will not have much luck---unless you're a wise buyer that can buy an "ugly" looking property and get a HomeStyle or FHA 203k Renovation mortage.

Watch the Property Brothers on HGTV or Buying and Selling and you will be amazed at how they can turn a sow's ear into a silk purse! I've had client do this and they don't have to lift a finger and end up with a model perfect, like new looking home with very little effort AND end up with INSTANT equity!

All the best,
Alma Rose Kee, PA
Future Home Realty
1 vote Thank Flag Link Fri Jan 4, 2013
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