The foreclosure information you see on Trulia comes from information gathered from pubic records by RealtyTrac. This information is misleading at best and outright wrong at worst.
Most of the properties are NOT actually available for purchase. The "list price" is usually the amount the owner is in default (missed payments plus fees) on their debt to the bank. Sometimes the "list price" is the amount of a loan that has become due. Usually these are junior liens. So if you "bought" the property on the courthouse steps for the amount of the junior lien, you would be taking it subject to all senior liens, which would have to be paid in full.
The best way to get more information on foreclosure properties is to work with a Realtor who can identify which ones are currently on the market and/or help you contact the owners directly to see if they are ready to sell. You will need to move quickly. Either have cash (especially if the property is about to go to the Trustee's Auction) or financing in place. And make sure you are working with someone who KNOWS the process.
Hope this is helpful.
Shel-lee Davis BRE #01817412
Real Estate Consultant
International Real Estate Specialist - IRES®
Senior Real Estate Specialist - SRES®
Certified Home Seller Advisor - CHSA®
Certified Home Buyer Advisor - CHBA®
Member - National Association of Certified Expert Advisors - NAEA®
Certified Distressed Property Expert - CDPE®
RE/MAX Estate Properties
424-2HELP12 (424-243-5712)... more