Home Buying in Carlsbad>Question Details

Kimberly, Other/Just Looking in Michigan

Are the listed REO prices accurate or just what people owe? How do you find the asking price?

Asked by Kimberly, Michigan Mon Jan 26, 2009

Help the community by answering this question:


Hi Kimberly, I'm going to go out on a limb here and guess that you might be talking about a RealtyTrac REO listing.

It’s very common to be misled by RealtyTrac - see it here on Trulia just about every day. RealtyTrac is not a listing service. They post notices of foreclosure and default pulled from public records. Their postings are very misleading because the price shown is NOT representative of what the property will be when priced for sale. This property is not on the market yet, and when it is put up for sale it will very likely be listed on the MLS, not on RealtyTrac.

To avoid being "RealtyTracked" again, and assuming you would like to continue searching for a property on your own, do so via http://www.Realtor.com as they load ALL listings from ALL Assoc. of Realtors MLS systems automatically. Trulia is making strides to do this as well, but it will be some time before their feeds are comprehensive.

Best, Steve
1 vote Thank Flag Link Mon Jan 26, 2009
Hi Kimberly
Yes,the listing price is the asking price. It is not uncommon for the actual contract price to be higher in the low priced rang properties (Around $200,000 in Southern Calif (San Diego County area). It is best to get the opinon of the price to offer from knowledgeable real estate agent you are working with. Be usre also that your agent can fully explain short sale offers and responses. Respectfully, Jo Ann Johnson, Broker Associate, Windermere Exclusive Properties 760 438-2569 or 760 310-3330 if you want a more detailed respone.
0 votes Thank Flag Link Thu Oct 15, 2009
Hi Kimberly,

While you are getting many answers, here are the basics as our company list REO properties for lenders:

1. The price is based on market value combined with their desire to sell it quickly.
2. Most REO properties are aggressively priced.
3. Due to the aggressive pricing, most REO properties are closing HIGHER than list price.
4. The higher closing price is determined by the number of offers. I talked to one agent that received 48 offers on 1 property.

Good luck,

0 votes Thank Flag Link Mon Feb 9, 2009
Hi there Kimberly, You are one of many that ask this question. If you are look at the realty trac website at foreclosures they indicate the NOD (Notice of Default or generally what is owed on the property) Some homes many have more than one loan out there so it can be confusing . The Bank takes ownership and then puts on the market at close to market value usually. There are however exceptions to the rule of course.
To find the best properties and the accurate asking prices you should work with a professional realtor. You should interview several to see what each one can do for you to help you find a home.
If you are looking foir a home in Carlsbad I can send you a list which includes short sales and foreclosures if that is what you are looking for.

Kind Regards
Michael Barron
First Team Real Estate
0 votes Thank Flag Link Mon Jan 26, 2009

They are the price of what the bank or mortgage holder wants for the home. It is negotiable. The asking price will be in the MLS or Multiple Listing Service once the home or condo REO is listed for sale. Is there a particular property you are interested in?

Dawn Lewis
0 votes Thank Flag Link Mon Jan 26, 2009
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