Question Details

hycu cusu, Other/Just Looking in 90210

Is this home actually going to be sold for 752k$ if the owner defaults and is unable to pay the payments and?

Asked by hycu cusu, 90210 Sat Apr 26, 2008

the house goes through foreclosure? It seems to good to be true.
$752,500
4 br 4 ba 4,161 sqft Single-Family Home
From: RealtyTrac
Listing Type: Foreclosure
Status: Notice of Default (Pre-Foreclosure)
Year Built: 1994
Price/sqft: $181
Lot Size:
Days on Market: More than 30 days
ZIP Code:

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Answers

1
Here's what happens. Pre-forclosure means a notice of default has been filed. The homeowner has 90 days or so to bring any payments current. The $752,000 is most likely what he/she owes on the loan. If after 90 days the seller is still in default, the seller is notified that the home is going to auction. Bidders can bid for the home on the courthouse steps. Check with your local county for rules of the auction. If there is equity in the home, a representative from the lender will most likely bid for the home if there are no reasonable offers. It then becomes a bank owned home (REO), it get's relisted, and the beat goes on.
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Sat Apr 26, 2008
The Hagley G…, Real Estate Pro in Pleasanton, CA
MVP'08
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