Okay, let me re-phrase My question: So, the link below is a Trulia.com link for a house in forclosure in Beverly Hills for $360K, It's estimated

Asked by david-da-dude, New York, NY Mon Jul 22, 2013

value

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4
Johnny James, Agent, Carson, CA
Tue Aug 6, 2013
The bank sets the bar at about 90% of fair market value. If they do not get an offer above the bar they set, the bank will be the highest bidder. After they collect the insurance $$$ on the 'loss' the property will be recycled and sold as a bank owned property 'REO'.
0 votes
Julia Yoder, , Los Angeles, CA
Wed Jul 31, 2013
When a borrower gets behind in mortgage payments or breaches their loan document contract in some other way, the process moves from Notice of Default, (when there's still time to 'catch up,' negotiate a loan modification or short sale), to foreclosure, then trustee sale. If it does not sell at the trustee sale, it finally becomes Bank Owned (REO).
0 votes
carlos parra…, Other Pro, Monrovia, CA
Mon Jul 22, 2013
Dude!
Just because the foreclosure ad states $360,000 does not mean that is what it will sell for. A foreclosure is an AUCTION. That means people bid. Most people that go there to bid know the values of property. They hope to get a deal, however, others are there for the same purpose. So if you can get it 10% below market you an say you got a good deal.
0 votes
Kathleen Bec…, Agent, Santa Monica, CA
Mon Jul 22, 2013
Hi David...

What exactly are you wanting to do? I doubt that a house in Beverly Hills will sell for $360,000, even if it is a foreclosure.

Feel free to give me a call to discuss.

All the best,
Kat. 323-819-4760
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