Home Buying in 37849>Question Details

Mjharless, Home Buyer in Loudon, TN

Lately homes I have been following are showing up as sold. They are apparently being updated with the data from the reo transfer. Why?

Asked by Mjharless, Loudon, TN Thu Sep 22, 2011

These properties are still for sale, but trulia says they sold for whatever amount the bank took them back at, and on the date the bank received them. They are varying ages, some less than a month, some over 6 months so I don't think it is a listing running out. It seems to be happening to all of them.

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Hi Mjharless,
The process by which the bank takes the property back is to purchase the property back from the Trustee. The Trustee is authorized to sell the property if the owner defaults on making the payments. Although it is not a 'market sale' it is called a sale.
0 votes Thank Flag Link Thu Sep 22, 2011
This is exactly why you shouldn't rely on sites like Trulia, Zillow or Realtor.com for information on properties for sale! If you are a serious buyer, then you need to hire a REALTOR to work for you as a Buyer's Agent. He/she has access to your local MLS system and can find properties specific to your search criteria. And you don't have to weed through these foreclosures that come on and off the market. Good luck!
0 votes Thank Flag Link Thu Sep 22, 2011
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