Property Q&A in Phoenix>Question Details

Diana, Home Buyer in Phoenix, AZ

is the property value so low because the house is stripped inside? Or what is the reason? Thank you

Asked by Diana, Phoenix, AZ Mon Jan 5, 2009

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Hi Diana,

This property is NOT for sale for $59,737. That was the amount that the bank foreclosed on. When a property gets forclosed on, the ownership gets transferred back to the bank, which appears like a "sale." So, when Realty Trac browses through the free public databases for this information, it doesn't know how to interpret it. So, the property gets listed as a property for sale at the foreclosed amount and this is incorrect.

Currently this property is not actively marketed for sale. And just to reiterate, the amount of $59,737 is not the listed price but rather the amount that the property was foreclosed on. So, please do yourself a favor & do NOT trust websites that list incorrect information, but rather work with a full time Realtor knowledgable with foreclosures.

Buyer's Agent Realtor
2 votes Thank Flag Link Tue Jan 6, 2009
Diana this house may not be on the market yet, Realty Trac posts notices of foreclosures not actual property listings. In thi case the bank has taken the house back after the auction, it will now be assigned to an asset manager who will assign it to an approved broker in that area. It will be cleaned, appraised and priced at market value for that area. The price you see could be what they owed, it is not going to be the sales price. I have posted a link on my site for a free 7 day trial so people can see what realty trac actually offers. In almost every case they only posts notices of foreclosures, they do not list homes but are a data collection company and bascially sell data. You should get a buyer broker in yoru area who can keep an eye when this hous edoes hit the mls. Good luck with yoru search.
Web Reference:
1 vote Thank Flag Link Tue Jan 6, 2009

This does appear to be a forelosed home. I did not find it in MLS available for sale, therefore I was unable to find any details about the property.

If you would like guidance with your purchase feel free to contact me! I would be happy to help you through the process of purchasing a lender owned home. I am working on several now including short sales.

Lucinda Tkach
Windermere Central
0 votes Thank Flag Link Tue Jan 6, 2009

I live and do business here in the Phoenix area, I walk into bank owned properties all the time,
Some are fairly clean and others are gutted. Missing toilets, fixtures, lighting, even the door knobes or the doors themselves.

0 votes Thank Flag Link Tue Jan 6, 2009
Hello Diana,

Cindi and Randy is most likely correct. Also, the listing agent gave so little information, He/She is probably just trying to get leads. Where you have to register you name and phone number to get the information.
When you find a property that you want to make a offer on, hire your own real estate agent to protect you interest. 98% of buyer agents don't charge buyers to buy.
If you go to the Front Page of my website, you will find a link for Foreclosure listing, and you don't have to register. Website is

If I can help, please don't hesitate to call
0 votes Thank Flag Link Tue Jan 6, 2009
Cindi is probably correct... I don't think the property is on the market just yet, so it's impossible to know what they'll list it for. But most REO properties that are priced aggressively below current market value are distressed (stripped, trashed, etc.). Are you familiar with that area of Phoenix, Diana?

0 votes Thank Flag Link Mon Jan 5, 2009
This is a bank owned home...and most likely what the lender p 1sturchased it for at auction.
0 votes Thank Flag Link Mon Jan 5, 2009
The Hagley G…, Real Estate Pro in Pleasanton, CA
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