HiI saw this property :Oakdale Ave San Francisco, CA 94124 (Silver Terrace)2 full bath, 1,750 sqft Multi-Family Home for 65,000. Explain more plz.

Asked by Mary Gossard, Seattle, WA Sat Mar 29, 2014

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Carey N Mill…, Agent, San Francisco, CA
Sat Mar 29, 2014
Hi Mary! I agree with the other comments here, the $65k price is either inaccurate or misleading. I just ran a quick search in that same zipcode for 2-4 unit buildings and there are 5 listings ranging from list prices of $524,900 - $1,300,000 with a median price of $549,000. Hope this information is helpful! Email me if you're interested in further detail.

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Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Sat Mar 29, 2014
There are many posts that talk about the "listings" you see in under the Foreclosure tabs in Trulia. Unfortunately, the information you are viewing is misleading at best. Here is a brief summary of the information contained in responses to questions like yours.

This information comes from public records. Most of the properties are NOT actually available for purchase. The "list price" is usually the amount the owner is in default (missed payments plus fees) on their debt to the bank. Sometimes the "list price" is the amount of a loan that has become due. Since you say the "listing" is showing $65,000, then if this were the loan amount, in most cases this loan would be a junior lien. So if you "bought" the property on the courthouse steps for this amount, you would probably be taking it subject to all senior liens. I could go on. You can check some of my more detailed posts on this subject.

There is an old rule of thumb that remains true to this day. It is looks to good to be true, it probably is.

Good luck in your home search. If you are truly searching for a great deal then align yourself with a great Realtor who specializes in your area. Then let them do the search and find real deals for you.

Shel-lee Davis BRE #01817412
Real Estate Consultant
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RE/MAX Estate Properties
424-2HELP12 (424-243-5712)
0 votes
Tony Ngai, Agent, Cupertino, CA
Sat Mar 29, 2014
Hey Mary, this listing has been pending since 10/01/2012. It still have not close for some reason. Listing price is $650,000. Hope this answers your question.
0 votes
Lance King, Agent, San Francisco, CA
Sat Mar 29, 2014
It's not for sale for $65K. Most likely they are in default and behind on their mortgage by that much. You can barely buy property in SF under $650K, let alone $65K
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