Home Buying in Oshkosh>Question Details

Chris Mohr, Home Buyer in Oshkosh, WI

I'm relocating due to military service, and I see houses on here (in the LA area) for cheap. What's the catch?

Asked by Chris Mohr, Oshkosh, WI Mon Oct 13, 2008

basically, I'm relocating to attend school to enter as a chaplain. That said, I don't have much money available, so this site's listings caught my eye. I've noticed some houses on here (Rosemead, CA area) for as little as 20,000 for more house than I have now (in a much more expensive area). They are "pre-forclosure", which I don't understand but I don't know if it would be honorable to bid on them (if that's the process). Call me a skeptic, but I'm pretty sure there's gotta be a catch somewhere. Why are these houses listed at such outrageously low prices? Also, should I be looking into them, if there isn't some wierd catch? Can someone explain the pre-forclosure system for me?

Help the community by answering this question:

Answers

2
Chris
This can be confusing. You are not going to find a house for $20K. You know that old saying.."if it sounds too good to be true"...

If you will let me know where you would like to live I would be happy to help arrange the referral of a great Realtor that specializes in your area of choice.

In my area it is still a very strong buyers market, as is most of Southern California. You have your choice of buying pre-foreclosure listings, foreclosures, short sales, or just plain old homes. Let me know how I can serve you.
0 votes Thank Flag Link Mon Oct 13, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
What you're probably looking at is the amount owed to the bank for one of the loans. Many services pick up these amounts and show them as though the property is listed for sale for that amount, when in fact it is not. These pre-foreclosure homes will either be sold as short sales at a price closer to fair market value, or they will be bought back by the bank and sold as REO's.

Pre-foreclosures that are reported in this manner are NOT currently listed for sale, they are just homeowners who have received notices of default. The services who post these as if they are listed for a sale are just creating more confusion for home buyers.
0 votes Thank Flag Link Mon Oct 13, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer