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Home Buying in Clairemont Mesa West : Real Estate Advice

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Cathi Walter, Real Estate Pro in Palm Desert, CA
Fri Apr 23, 2010
Cathi Walter answered:
If the property is actually bank owned, meaning the bank has already foreclosed on the property, the price does not necessarily reflect what was owed. Banks go through an extensive valuation process prior to foreclosing on a property, if the market cannot support what was owed - they will take the loss and list the property to sell.

If the property is still owned by the homeowner, but market value is less than what is owed, the house is probably listed at market value, NOT what is owed. The "Short" offer will be submitted to the bank for approval to sell for less than what is owed.
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