Property Q&A in Carmel>Question Details

Nina Driver, Home Buyer in 94965

What does "the estimated sale price" mean in a foreclosure home?Is it the only amount to be paid for the home?

Asked by Nina Driver, 94965 Tue Jan 6, 2009

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This question is about this property: http://www.trulia.com/foreclosure/2003348776--Serra-Ave-Carm…

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I have a townhome that is my home. Due to illness in 12 months, 1 hip and 2 knee replacement. All sleeping and bathrooms upstairs. I am at my son's home due to the stairs in my townhouse. I am behind with my payments total 7,500,00 plus 1300 taxes and 1000 hoa. Wells Fargo tells me I must pay the 7,500.00 or it will go into foreclosure. Can this happen with only behind 7500.00 I would like to go back eventually. Also I have applied for widows pension with VA to see if they could help. Do you have an answer?
0 votes Thank Flag Link Tue Apr 22, 2014
This property is posted on Realtytrac. This is a service that publishes legal actions on properties. It appears that a lien holder has filed an action for 36,400. This may not be the first possition lien holder and if the owner satisfies the mortgage the forclosure will never be completed.
The estimated sale price on Realtytrac is not material to what happens in real life.

Here is another property on Realtytrac that they have posted at 7038.00.

http://www.trulia.com/foreclosure/2003001221--146th-St-W-10-…

I really don't think and I may be wrong that you can buy a property in L.A. for that kind of price no matter what is going on in the market.
Web Reference: http://www.Find1Home.com
0 votes Thank Flag Link Wed Jan 7, 2009
It simply means that the price is negotiable. This listing is for an REO which means Real Estate Owned for a property that has been foreclosed on and taken back by the mortagee. Once they put it up for sale they are very willing to negotiate price... but will not guarantee the condition of or disclose any defects in the property. You are buying it "as-is." Also, they will usually requie that the buyer be pre-aproved and be able to show proof of funds when submitting an offer. Hope that answers your question. Marty W
0 votes Thank Flag Link Tue Jan 6, 2009
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