Property Q&A in La Canada>Question Details

Tim Boland, Home Buyer in Los Angeles, CA

Do properties really end up going for these prices or is this just a fishing line to draw you in?

Asked by Tim Boland, Los Angeles, CA Fri May 8, 2009

What is average price percentage wise these properties end up selling for above the prices you see here on Trulia

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Tim, the amount of $250,000 is what is back due in mortgage payments by the current homeowner. The property has not been taken back by the bank yet, or foreclosed upon, but will be if the owners can't come up with a solution to the arrears. If it seems too good to be true, IT IS!!

1 vote Thank Flag Link Fri May 8, 2009

Realty Trac and others of their ilk are not listing sites. They publish notices of default & foreclosure from the public records and publish them in hopes that some fish will bite and pay for their information that is available for free. Most if not all of these properties are not even on the market yet as they have not yet foreclosed. Their "listing prices" are usually just the amount of an outstanding loan balance. When these houses do foreclose,they willl be listed at market value which will be determined at that time. One of the regular posters here calls this site "Realty Crap" and I concur.
1 vote Thank Flag Link Fri May 8, 2009
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