Property Q&A in San Anselmo>Question Details

Josh, Home Buyer in San Anselmo, CA

Is this price an opening bid price, or a listing price?

Asked by Josh, San Anselmo, CA Mon Jan 26, 2009

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This question is about this property: http://www.trulia.com/foreclosure/2002729107--The-Alameda-Sa…

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Josh, this listing is a Relty Trac listing which only shows the recorded notice of default on a loan. It is not a "sale listing" . The owners are in default on a loan. There may be more loans. It does not indicate the vaule of the property, or if the property will or will not eventually be for sale. There are no properties currently listed for sale in the MLS on The alameda.

Some investors track these foreclosure notices and then contact the homeowner to see if they want to sell their house. This is a tricky business, not for the faint of heart or those uneducated in the process of foreclosure, the legal aspects, or the risks. There are books and articles on the internet if you want to pursue foreclosures. Realty Trac and other foreclosures sites also offer info, but you have to pay a fee. Maryann Pearson
0 votes Thank Flag Link Mon Jan 26, 2009
Hi Josh:

This property is not for sale, nor is it being acutioned. It’s in the first step of foreclosure ‘Notice of Default’ – see the quick explanation below from RealtyTrac.

The listing came from RealtyTrac, a foreclosure reporting service which Trulia subscribes to and I think Trulia tries try to explain the situation since it has caused a lot of confusion and false hope / expectation from unsuspecting customers like yourself and also cause homeowners and Realtors alike a lot of headache because the buyers are out there thinking they might be able to get a house at the really unrealistic price.

However, this might be a more realistic price than others, because although RealtyTrac said it’s a single family residence, the Tax Record identified it as a residential lot, sold to current owner in 4/07 for $170,000. Maybe a house has been built since, maybe not.

Check on the note from Realtytrac about the Notice of Default status - "This property is a Notice of Default. This is the initial document filed by an attorney or trustee on behalf of the foreclosing lender that starts the foreclosure process. This 0 square foot property has 0 bedroom(s) and 0 bath(s). The estimated loan balance is $102000"

If you need help with anything else or more detailed explanation; please do not hesitate to call or email me.

Best,
Sylvia Barry
Marin Realtor
Frank Howard Allen Realtors
Cell (415) 717-0293
0 votes Thank Flag Link Mon Jan 26, 2009
Sylvia Barry,…, Real Estate Pro in Novato, CA
MVP'08
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To get whatever information has been gathered you must join RealtyTrac but keep in mind that most properties that go into default end up paying the arrears because the value of the property far exceed the arrears. In this case there are no historical listings on the same street that have ever sold for under $600,000.

In California, lenders typically do not file a Notice of Default until the borrower is at least 60 days behind in making payments. Lenders must then wait 90 days. During that 90-day period, the borrower has the right to make up the back payments and reinstate the loan. After 90 days, the lender is required to publish a notice in the newspaper for 20 days and then may sell the property to the highest acceptable bidder on the courthouse steps. If no acceptable bid is received, the trustee then conveys the property to the lender.

Questions??
0 votes Thank Flag Link Mon Jan 26, 2009
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