Property Q&A in San Leandro>Question Details

Priscilla Nw…, Home Buyer in San Leandro, CA

whom do i contact if I am interested in a house?.

Asked by Priscilla Nworgu, San Leandro, CA Wed Dec 10, 2008

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This question is about this property: http://www.trulia.com/foreclosure/2002358229--Accolade-Dr-Sa…

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Priscilla Nworgu

The home you are looking at is being foreclosed and is not yet on the market. When it does hit the market as a foreclosed home, it will be in the neighborhood of $450,000 to $500,000.00. What you are seeing on Trulia.com is the notice of default for the SECOND mortgage only. RealtyTrac notices can be very deceptive because they give the loan amounts, not the purchase price.

Let me know if you’d like any additional information.
Web Reference: http://www.carlmedford.com
2 votes Thank Flag Link Wed Dec 10, 2008
Unless you're dying to get this house, I'd wait for it to become a REO (ie after the gavel had dropped, and after the auction). This way all of the liens will be wiped out. (Keep in mind, you already know there's at least 2 mortgages on that property--especially since that listing mentioned something about the notice of default from the 2nd mortgage.) However, if you're dying to get this house, then you'll want to contact the bank and current owner in order to arrange a short-sale.

Instead of pre-qualifying, a way to for you save some time is to also talk with the lender, and see if the lender is willing to also finance this purchase for you.
1 vote Thank Flag Link Wed Dec 10, 2008
Hi Priscilla,

First I would ask if you are working with a Buyer's Agent? As a buyer having some there to represent your needs in the home search process will be very important. In addition your agent could help you search for and take a look at current homes on the market that are of interest to you. They will be able to help you find out information as well on a property such as this one which is in the pre-foreclosure process.

As already mentioned in a couple of the posts, being pre-qualified is an important first step in the home buying process. It will help you to narrow in on how much you can qualify for and home much you are comfortable paying. What type of loan you will be able to qualify for will vary greatly depending on what kind of down payment you have as well as if there are any special programs you might qualify for (for example of you are first time home buyer, or a teacher or firefighter).

I definitely suggest finding someone who can help to represent you in a possible transaction as well help you access homes you are interested in

Take care,

Lisa Cartolano
Alain Pinel Realtors
0 votes Thank Flag Link Wed Dec 10, 2008
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