Property Q&A in Oakland>Question Details

Mimi Ochoa, Home Buyer in 94610


Asked by Mimi Ochoa, 94610 Tue Dec 30, 2008

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This property will be auctioned at public sale on Jan 21, 2009. The price they posted may be the amount of delinquency, and could be the minimum they will take as a first bid. This delinquency could be anything: the balance of an outstanding loan, the amount of tax owed.

Generally, at a public auction, there are several people who show up, ready to bid.
Usually, there are speculators, investors, contractors, and from time to time, home buyers.

So I seriously doubt this property will sell for this price. But in case you are curious as to how this process goes, contact the County recorder's office for details of the auction, and check it out. It's a good way to witness and learn how auctions work.

On another note...yes, there are properties selling for incredible prices in Oakland. Because there are so many foreclosures and short sales, these properties are competing with each other for buyers, that's why they are priced very aggressively. It is not unusual to be in a bidding situation for properties that have the most potential as my buyers and I have seen the last few months. Fortunately, my buyers were serious, and we kept looking until we were successful in finding the right homes for them.

How may I help?
0 votes Thank Flag Link Tue Dec 30, 2008
Generally, the actual selling price will be disclosed after the close of escrow.
0 votes Thank Flag Link Tue Dec 30, 2008
This is done by RealtyTrac and they are advertising homes that have a Notice of Default on them. The home is not currently for sale and the price they use is usually the amount of the loan in default. If a listing shows RealtyTrac, don't bother looking at it - I don't know why they are allowed to do this. Eventually if the house does foreclose or go to auction, you have a chance to purchase the home, but if won't be for this price. Contact a local agent in your area who can help you find what you want.
0 votes Thank Flag Link Tue Dec 30, 2008
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