Property Q&A in Sacramento>Question Details

John, Both Buyer and Seller in West Sacramento, CA

104$ sf..........wow !!! ------- was this a short sale ?

Asked by John, West Sacramento, CA Fri Apr 24, 2009

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This question is about this property: http://www.trulia.com/homes/California/Sacramento/sold/60505…

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Answers

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This wasn't a real 'sale'. This was a transfer of ownership back to the bank in a foreclosure. It is now bank owned and will probably come back out on the market at some point.

Buying on the auction steps looks like this great deal, but it comes with risk. There are often other liens against the property that are not wiped out in the foreclosure process. It might also have debt higher than actual market value. So in a majority of cases the first lienholder ends up 'buying' back their lien and then has full rights to the property. In the next sale to the general public all liens will be cleared and the buyer will receive a clean title of record.

If you're interested in the property, we can contact the bank, arrange showing and possibly offering on the home prior to it being listed to the general public. That eliminates competition and gives you the best pricing position.
Web Reference: http://www.suearcher.com
0 votes Thank Flag Link Sat Apr 25, 2009
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