Foreclosure in Chula Vista>Question Details

Nelson, Home Buyer in San Diego, CA

i am a first time home buyer who is currently working with a realtor and a lender. i am a little confused

Asked by Nelson, San Diego, CA Thu Apr 17, 2008

about the listings here on trulia. there are some crazy low preforeclosure prices on homes in the 91910,91913 but arent listed with my realtor. are these the actual selling price of these homes?

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RealtyTrac is horrible. A lot of what they have listed are simply homes that have a NOD files. Many never get to market
0 votes Thank Flag Link Sun Sep 7, 2008
Nelson, If it's too good to be true it probably is. Visit my site and search Chula Vista homes there. It's accurate and all the info is from the San Diego MLS. I say Garbage in Gabage out and many website have nothing but garbage in!
0 votes Thank Flag Link Sat Sep 6, 2008
Many of the pre-foreclosures listed by RealtyTrac are only showing the current balance or original balance of the loan that is in default, which is not necessarily a good indicator of the price the lender will ask for the home. If the property does go to foreclosure, in most cases the lender will bid the total debt bid at auction, i.e., the total costs associated with carrying the property to REO. Because the lender incurs legal and other fees when in foreclosure, may have large negative escrow balance, etc., the total debt bid may be much higher than the loan balance that is in default. Further, the borrower may be defaulting on his/her second lien, rather than the first, in which case the second lien balance may be listed by RealtyTrac. If a borrower defaults on their second lien, but not first, the property may not go to foreclosure anyway (second lienholder may try to buy out the first, if it makes sense to do so, simply walk on the balance altogether, etc.). There may be other reasons for low pre-foreclosure prices, such as attempts to short sale, as others have mentioned, but from what I've seen most of the extremely low prices are associated with RealtyTrac pre-foreclosures, and are only indicators of loan balances. Hope this helps!
0 votes Thank Flag Link Mon Jun 30, 2008
I would ask your Realtor to look it up in their MLS. I'm not sure how accurate the Trulia listings are. Prices are low in 91910, 91911, 91913, 91914 and 91915 we have sold over 1,000 homes there and working with an area expert is important.
0 votes Thank Flag Link Sun Jun 29, 2008
I would discuss this with your agent. I am sure they will be able to help you understand the short sales, foreclosures etc. It is important that you keep the lines of communication open with your agent. If you see a listing and have questions about it to him/her and ask for clarification. He/She is there to help you!
0 votes Thank Flag Link Fri Apr 18, 2008
I am not exactly sure if Truilia is sweeping from trustee websites (a 3rd party that handles the process of a home in foreclosure) or where exactly Truila gets ALL of their homes posted for sale. If that is the case then Truilia is gathering data on foreclosures that are headed to auction... it is difficult to buy any of those homes if you don't have cash for the purchase. At auction... you have to pay by cashier's check for the property and it becomes (almost instantly) yours. Being you are obtaining a loan to purchase your home as a first time homebuyer... this isn't an option for you and could be why your agent hasn't shown you properties accordingly.

That being said... you can take advantage of looking for properties with your agent that are in the "pre-foreclosure" process or are short sales. They are very tricky to handle though and your agent needs to know how to work this market. Lots of patience needs to be involved and you will need to be prepared to try several attempts at buying this way. Properties in default, such as preforeclosure, are listed in most agent databases (MLS) and are still capable of being bought through the typical process, hosted by an agent.

Foreclosures are a whole different animal that are bought by people with investment cash. In order to get super low prices on properties such as these, you have to have cash sitting in an account waiting to purchase. This strenghtens your negotiating power and gives a buyer the possbility (notice I say possibility) of buying real estate for super cheap. There are very small sectors of the population that are capable of buying this way.

Your agent is probably doing right by you... sounds like you need a little more clarification on why those other properties might be out there.
0 votes Thank Flag Link Thu Apr 17, 2008
Not always. Like in any industry, you have a minority of practitioners who try and scam their way to a commission.

With that said, their are a lot of agents who try to avoid showing "Short Sales" or "Pre-Foreclosures" even if it mean a better opportunity for the client. These types of transactions tend to reduce agents commissions and can be very difficult to deal with, something Agents try to avoid.

Be sure that your agent is clear about YOUR goals........ after all it is you who is going to responsible for the monthly payments, NOT your agent. Good luck!
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0 votes Thank Flag Link Thu Apr 17, 2008
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